Last checked at 16 Oct 2017 07:00
October 16, 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Production increased from well C-21 in Azerbaijan
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 a further update on the production from well C-21 in the Jafarli field, Azerbaijan.
The most recent production tests carried out have recorded a stabilised flow rate from well C-21 averaging approximately 50 BOPD.
The Company announced on October 6, 2017 that production from well C-21, which was previously non-producing, had been restored at a rate of 15 BOPD. This followed the successful perforation of 7.1 metres of unexploited pay zones between the depths of 3706-3708.5, 3862-3863, 3865-3867 and 3869.6-3871.2 metres in the Middle Eocene geological structure.
On October 10, 2017, the Company announced that production had been successfully increased to 35 BOPD following the perforation of an additional 7.8 metres of unexploited pay zones between the depths of 3429-3431.8, 3611.5-3615.5 and 3637-3638 metres.
In light of the stabilised flow rate now achieved, the Company's operational team is evaluating the potential benefits of installing an electric submersible pump (ESP).
Mike Palmer, Chief Operating Officer, Zenith Aran, the Company's Azerbaijan-based fully owned subsidiary, commented:
"I am very pleased with the incremental production increases we have achieved at well C-21 with relatively minimal expense, especially when considering the fact that this well was previously non-producing.
We are already assessing a number of other wells across the field where we can replicate the highly successful outcomes accomplished at C-21 and C-26, and, in so doing, successfully work towards achieving our production objective of 1000 BOPD by March 31, 2018.
The use of quad neutron logging technology has certainly been a game changer by giving us exceptional new insight into the significant untapped production potential of our wells."
For further information, please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
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
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825