Last checked at 29 Oct 2021 07:00
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") (LSE: ZEN; 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
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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.