Last checked at 15 Aug 2017 07:00
August 15, 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Filing of 2017 First Quarter Results
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce the filing of its consolidated quarterly results for the three months ended June 30, 2017.
These results were filed on SEDAR on August 14, 2017 in accordance with TSX and Alberta Security Commission rules.
Highlights for the three months ended June 30, 2017 include the following:
• The Company generated oil and natural gas revenue, net of royalties, of CAD$ 1,540k and CAD$ 127k of electricity in the three months ended June 30, 2017 versus CAD$ 100k and CAD$ 141k, respectively, in the comparative 2016 period with an increase of 691% in revenues.
• The Company sold 23,390 barrels of oil from its assets in Azerbaijan.
• The Company sold 4,790 MCF of natural gas from its Italian production assets.
• The Company sold 223 barrels of condensate from its Italian assets, as compared to 184 barrels of condensate in the corresponding period of 2016, recording a production increase of 21%.
• The Company sold 2,522 MWh of electricity from its Italian assets, as compared to 2,718 MWh produced in the corresponding period of 2016. This decline in production was due to maintenance work being undertaken during the period.
• The Company achieved a quarterly profit of CAD$ 691k.
Zenith Chief Executive Officer, Andrea Cattaneo, commented:
"These quarterly results once again evidence the transformational impact of Zenith's Azerbaijan acquisition just over a year ago.
An indication of the Company's substantial revenue improvement had already been provided to the market in the form of our audited annual report and financial statements for the year ended March 31, 2017.
It is clear that we have a prosperous journey ahead and our firm intention is to significantly increase Zenith's oil production revenue in Azerbaijan by undertaking a series of systematic high-impact well interventions across our 642.4 km2 contract area. The Company's long-term ambition is to become a mid-tier international energy production company.
I am very excited about Zenith's future and I look forward to reporting even stronger numbers in the next set of quarterly results."
For further information, please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Allenby Capital Limited - (Joint Broker)
Nick Harriss
Nick Athanas
Richard Short
Telephone: + 44 (0) 203 328 5656
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Abchurch (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 200 7398 7700