Last checked at 7 Sep 2017 07:00
September 7, 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Successful perforation of well C-26 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 the successful perforation of a new, unexploited production zone in well C-26 in the Jafarli field.
Following the perforation, well C-26 is flowing at a rate of 70 BOPD. It is important to note that well C-26 was previously not producing.
The successful perforation was undertaken following the identification of 10 metres of unexploited payzone between the depth of 3618-3628 metres in the Middle Eocene geological structure.
This operation is part of the Company's strategy, announced on September 6, 2017, to identify and perforate new productive zones in a number of underperforming wells with significant untapped production potential.
Mike Palmer, Chief Operating Officer, Zenith Aran, the Company's Azerbaijan-based fully owned subsidiary, commented:
"This is a very positive development that confirms the strong potential of our rehabilitation operations in Azerbaijan. The identification and perforation of new production zones in a number of underperforming wells is a very important part of Zenith Aran's field development strategy between now and March 31, 2018.
It is particularly important to note that well C-26 was not producing and that we have achieved a very significant increase in daily production revenue from this well, from 0 BOPD to 70 BOPD.
I very much look forward to implementing other parts of our field rehabilitation programme announced yesterday, specifically the workover of Z-28 in the Zardab field. This will be our most technically demanding well intervention so far, but equally potentially the most rewarding."
For further information, please contact:
Zenith Energy Ltd.
Andrea Cattaneo
CEO & President
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
Abchurch (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 200 7398 7700