George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksZenith Energy Regulatory News (ZEN)

Share Price Information for Zenith Energy (ZEN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 2.30
Bid: 2.20
Ask: 2.40
Change: 0.00 (0.00%)
Spread: 0.20 (9.091%)
Open: 2.30
High: 2.30
Low: 2.30
Prev. Close: 2.30
ZEN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Operational update, Robbana concession

24 Jun 2022 09:50

RNS Number : 1102Q
Zenith Energy Ltd
24 June 2022
 

June 24, 2022  

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Operational update, Robbana concession

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa and Europe, provides an update on operational activities in the Robbana concession ("Robbana"), located onshore Tunisia.

Robbana-1 well ("ROB-1")

The Company can confirm that ROB-1 has successfully been returned to production following the installation of a new packer supplied by Weatherford and the previous determination of major corrosion in the casing being the cause of water ingress in the wellbore.

ROB-1 is currently producing at a rate of approximately 30 barrels of oil per day ("BOPD") with the installation of the recently acquired new Weatherford sucker pump. It is the Company's expectation that a production rate of between 40-50 BOPD might be achieved once the well is given additional time to stabilise.

 

The Company is of the view, in consideration of the well's age and condition, that any significant change in the production parameters would risk compromising ROB-1's structural integrity and long-term productivity.

Robbana-3 well ("ROB-3")

As previously announced, the Company has selected the well location for the drilling of ROB-3, a new well that will reach a total target depth of approximately 2,500 metres, following an in-depth geological and reservoir review enhanced by new information obtained during the workover of ROB-1.

 

Civil works are expected to begin during the month of September 2022, with a commercial tender for the selection of a drilling services contractor to be conducted during the coming months, alongside completion of the necessary local approval process in accordance with applicable Tunisian legislation.

Drilling activities are expected to commence in November 2022, following the mobilisation of a drilling to the well location.

The necessary long-lead items have already been acquired and are being held in storage by the Company and funding for ROB-3 is expected to be obtained by way of the Company's existing cash reserves.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

 

"We are pleased to have now successfully completed all work at ROB-1, acquiring top-level equipment within strict budgetary parameters. In the current high oil price environment, approximately 30 BOPD from ROB-1 represents a relatively significant source of revenue generation, with the potential to increase as the well is given more time to stabilise. Similarly, we are pleased to have successfully been able to restore production by way of the second well intervention which was necessary to remove water ingress in the wellbore.

Our attention will now turn to drilling ROB-3, having obtained valuable insights about the formation by way of our work in ROB-1. Our geological and reservoir studies have been further refined and it is important to recall that third-party geophysical analysis suggests that the Robbana concession has likely only produced 4.35% of its estimated reserves to date.1 This gives us confidence in the future production potential of Robbana through the ROB-3 well which will be drilled later this year.

 

Our objective for Robbana is to reach a daily production rate of approximately 200-250 BOPD, which would represent the achievement of approximately a tenfold increase in daily production from the concession since it was acquired by Zenith.

 

"The team continues to work on several fronts with confidence, and we look forward to updating investors in due course regarding our potentially transformational progress during 2022."

 

Further Information:

Zenith Energy Ltd Andrea Cattaneo, Chief Executive Officer

 

Tel: +1 (587) 315 9031

E:   info@zenithenergy.ca

BlytheRay - Financial PR/IR

Tim Blythe, Alice McLaren, Madeleine Gordon-Foxwell

Tel: +44 207 138 3204

E: zenith@blytheray.com

 

Alternative Resource Capital - Broker Alex Wood

Keith Dowsing

 

Tel: +44 (0) 207 186 9004

Tel: + 44 (0) 207 186 9005

 

Notes to Editors                          

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in Tunisia, Italy and the Republic of the Congo, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).

Zenith's strategic focus is on pursuing transformational opportunities in Africa and Europe through the development of proven revenue generating oil, gas and electricity production assets, as well as low-risk exploration activities in assets with existing production.

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.

 

*Endnotes

1. This assessment has not been produced in accordance with Canadian National Instrument 51-101, (NI 51-101), or other internationally recognised standard.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DRLGIGDLXSDDGDS
Date   Source Headline
20th Mar 20248:30 amRNSUpdate on Arbitrations against Republic of Tunisia
12th Mar 20245:50 pmRNSUpdate on Italian Energy Production Portfolio
11th Mar 20241:00 pmRNSPositive support for Bond Exchange Offer
1st Mar 20241:01 pmRNSUpdate on Bond Exchange Offer
22nd Feb 20242:15 pmRNSAdmission to trading of UK Financing Common Shares
13th Feb 20245:15 pmRNSCompletion of financing with institutional support
25th Jan 20247:30 amRNSBond exchange offer to investors
18th Jan 20241:40 pmRNSUpdate on United States portfolio
29th Dec 202312:02 pmRNSPublication of Half-Year Results
20th Dec 202311:50 amRNSAcquisition of Devonian Petroleum Limited
6th Dec 202311:00 amRNSICC Arbitration for SLK against Tunisia
30th Nov 202312:30 pmRNSNew Kazakhstan subsidiary and pre-contract terms
29th Nov 20239:40 amRNSICC Arbitral Tribunal awards costs
28th Nov 20237:00 amRNSMoU – South Sudan
9th Nov 202312:15 pmRNSPayment of 2026 multi-currency bond coupon
1st Nov 20239:15 amRNSICC Arbitration proceedings against ETAP
25th Oct 20232:30 pmRNSCommencement of Trading on OTCQB Venture Market
18th Oct 202311:01 amRNSSeizure on SMP's bank account
10th Oct 202311:45 amRNSAssignment of new Debt Issuer Credit Rating
4th Oct 20232:00 pmRNSAdmission to trading of Common Shares
29th Sep 202311:05 amRNSConfirmation of Debt Issuer Credit Rating
25th Sep 20236:30 pmRNSImplementation of Share Consolidation
22nd Sep 20236:30 pmRNSShare Consolidation
20th Sep 20233:50 pmRNSShare Consolidation
19th Sep 20239:45 amRNSThird MOU for oil production asset in Kazakhstan
15th Sep 20239:30 amRNSSecond MOU for oil production assets in Kazakhstan
4th Sep 202310:40 amRNSMOU and Exclusivity for asset in Kazakhstan
4th Sep 20237:00 amRNSTermination of SPA for acquisition of OMV Yemen
29th Aug 20237:00 amRNSAcquisition of US listed company
4th Aug 20235:20 pmRNSUpdate on Benin PSC
3rd Aug 202310:06 amRNSThird Acquisition in USA
2nd Aug 202312:00 pmRNSPayment of 2024 multi-currency bond coupon
31st Jul 202311:36 amRNSPublication of 2023 FY annual audited report
10th Jul 20238:15 amRNSConservative seizure of ETAP bank account
5th Jul 202311:35 amRNSSecond acquisition in USA
3rd Jul 202311:10 amRNSCourt rejects SMP’s request and awards damages
23rd Jun 20237:00 amRNSMOU with Ministry of Petroleum – South Sudan
7th Jun 20237:00 amRNSICSID Arbitration against the Republic of Tunisia
2nd Jun 20237:00 amRNSFirst Agreement for USA acquisition campaign
26th May 20238:00 amRNSStrategy Update
18th May 202312:21 pmRNSPayment of multi-currency bond coupon
17th Apr 20237:00 amRNSResult of AGM and Update on Block 1 PSC in Benin
14th Mar 20237:00 amRNSUpdate on Italian Electricity Production
10th Mar 20234:28 pmRNSChange of Auditor & Notice of AGM
6th Mar 20236:00 pmRNSHolding(s) in Company
28th Feb 20237:00 amRNSInstitutional investment in Zenith
17th Feb 20232:05 pmRNSSecond Price Monitoring Extn
17th Feb 20232:00 pmRNSPrice Monitoring Extension
17th Feb 202311:30 amRNSUpdate on Tilapia
30th Jan 20232:30 pmRNSPayment of 2024 multi-currency bond coupon

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.