Last checked at 22 Apr 2022 08:50
April 22, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Lifting of crude oil production from Tunisia - US$6.4 million
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to announce that an international crude lifting of approximately 62,000 barrels of oil has successfully been concluded at a price of approximately US$103 per barrel for production from its 45% interest in the Ezzaouia concession, as well its 100% interest in the El Bibane and Robbana concessions.
Total receivables from the sale are expected to be approximately US$6.4 million and are to be paid during the month of May 2022.
A second international crude lifting for a quantity of at least approximately 52,000 barrels of oil produced from the Company's 22.5% working interest in the Sidi El Kilani concession (onshore Tunisia) is expected to take place in June 2022.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are extremely pleased to have sold our production in the current very favourable oil price environment, registering a significant improvement over our first sale of Tunisian crude announced on July 8, 2021.
We shall use the proceeds to further strengthen our investment in the development of our Tunisian portfolio in close cooperation with our partners, having the objective of increasing our daily in-country net production to a level of 1,000 bopd by way of workover and drilling activities to be performed in the months ahead in the Ezzaouia and Robbana concessions.
The performance of our energy production activities in Italy and Tunisia gives Zenith unprecedented financial security and the required operating cash flow to successfully deliver on our operational and business development strategy across the portfolio."
Further Information:
Zenith Energy Ltd Andrea Cattaneo, Chief Executive Officer |
Tel: +1 (587) 315 1279 E: info@zenithenergy.ca |
Alternative Resource Capital - Broker Alex Wood Keith Dowsing |
Tel: +44 (0) 207 186 9004 Tel: + 44 (0) 207 186 9005 |
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange Main Market (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly complete value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.
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