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Pin to quick picksZenith Energy Regulatory News (ZEN)

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Significant production uplift from ROB-1

Fri, 29th Oct 2021 07:00

RNS Number : 6514Q
Zenith Energy Ltd
29 October 2021
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

October 29, 2021                

ZENITH ENERGY LTD. 

("Zenith" or the "Company") 

Significant production uplift from ROB-1

Zenith Energy Ltd. ("Zenith" or the "Company") (LSEZEN; OSE: ZENA), which is focused on building a production and development portfolio in Africa, is pleased to announce that a flow rate of 124 barrels of oil per day has been recorded from well Robbana-1 well ("ROB-1"), located within the Robbana concession in Tunisia, following the completion of a successful workover announced to the market by way of regulatory news on October 25, 2021.

The Company expects a stabilised rate of production of approximately 100 BOPD is to be achieved in the near-term once well production is optimised, representing a 500% increase in production from ROB-1 over the previous daily production rate of 20 BOPD that had been recorded since the last workover performed in 2012.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We are very pleased with the outcome of our inaugural operational engagement in Tunisia. The workover of ROB-1 has been executed without incident and on-budget, enabling the Company to increase its daily net cumulative production to a total of approximately 650 BOE/ day, the highest production rate in the Company's history.

Zenith's operational team is already defining the next steps for drilling well ROB-3, as previously announced on June 10, 2021, and we look forward to delivering further positive news on our progress in due course."

 

Further Information: 

Zenith Energy Ltd Andrea Cattaneo, Chief Executive Officer

Tel: +1 (587) 315 9031

E: info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser & Broker Nick Harriss

Nick Athanas

Tel: + 44 (0) 203 328 5656

Celicourt Communications (Financial PR) Mark Antelme 

Jimmy Lea

Tel: +44 (0) 208 434 2643

E: zenithenergy@celicourt.uk

 

 

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 seize value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.

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.
 
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