Wed, 1st Dec 2021 07:00
December 1, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Publication of Half-Year Results
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the Africa focused energy production and development company, is pleased to publish its consolidated half-yearly unaudited financial results for the six months ended September 30, 2021 (the "Interim Results").
The Interim Results will shortly be published on the Company's website (www.zenithenergy.ca) and can be viewed in full here: http://www.rns-pdf.londonstockexchange.com/rns/1236U_1-2021-11-30.pdf
Highlights:The Group generated revenues from oil and natural gas of CAD$6,011k (2020 – CAD$145k).During the six months ended September 30, 2021, the Company produced 94,662 barrels of oil from its Tunisian assets. During the six months ended September 30, 2021, the Company sold 67,916 barrels of oil produced from its Tunisian assets.During the six months ended September 30, 2021, the Company sold 2,792 MWh of electricity produced from its Italian assets.During the six months ended September 30, 2021, the Company sold 4,742 mcf of natural gas produced from its Italian assets.
Change of Registered Office
The Company wishes to announce that it has changed its registered office to the following address:
745 Thurlow Street
Vancouver, British Columbia, Canada
Total Voting Rights
The Company wishes to announce, in accordance with the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the following Total Voting Rights information:
Class of share
Total number of shares
Number of voting rights per share
Total number of voting rights per class of share
Common Shares in issue and admitted to trading on the Main Market of the London Stock Exchange.
Common Shares in issue and admitted to trading on the Euronext Growth Market of the Oslo Børs
Luca Benedetto, Chief Financial Officer of Zenith, commented:
"We are pleased to publish our unaudited half-year results which provide clear evidence of the positive financial transformation the Company has undergone following its acquisition of a highly prospective oil and gas production and development portfolio in Tunisia comprised of the Robbana, El Bibane and Ezzaouia concessions.
The Company has significantly improved its balance sheet when compared to last year, when there was comparatively limited revenue generation. It is to be underlined that it has done so during a particularly challenging period for global economies caused by the ongoing COVID-19 pandemic, which has demonstrated the resilience of the management team in its uninterrupted travel to various jurisdictions across the African continent with the goal of successfully developing Zenith.
Zenith currently generates more revenue than at any prior stage in its history and it is our expectation that the next audited annual results will more comprehensively showcase the Company's very positive performance, which will be further strengthened by way of the recently announced acquisition of a 22.5% interest in the Sidi El Kilani concession from CNPC, as well as other potential near-term acquisitions in the Republic of the Congo and elsewhere.
I take the opportunity to thank shareholders for their commitment to the Company, and we look forward to providing further information on our progress in due course."
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.
Zenith Energy Ltd Andrea Cattaneo, Chief Executive Officer
Tel: +1 (587) 315 9031
Allenby Capital Limited - Financial Adviser & Broker Nick Harriss
Tel: + 44 (0) 203 328 5656
Celicourt Communications (Financial PR) Mark Antelme
Tel: +44 (0) 208 434 2643
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (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.