Last checked at 12 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 12, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Workover of ROB-1, onshore Tunisia
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to provide an update regarding the ongoing workover of the Robbana-1 well ("ROB-1"), located in the Robbana concession, onshore Tunisia.
Workover of ROB-1
Zenith is pleased to report that the workover of ROB-1 is progressing successfully.
As last announced on September 6, 2021, ROB-1 has not undergone any form of well intervention since 2012 and was producing at a stabilised rate of approximately 20 bopd prior to the commencement of workover operations.
The well completion string has been fully pulled out of the wellbore, encountering approximately 200 hundred meters of paraffin and wax deposits cleared by way of reverse circulation using diesel fuel.
The Company will now proceed with bottom hole cleaning and scraping of the casing to be followed by the installation of a new tubing anchor and sucker rod pump supplied by Weatherford.
ROB-1 operations are expected to be concluded during the next 10 days.
In the event of a successful outcome, the Company is expecting a new stabilised production rate in a range between approximately 60-80 bopd.
Andrea Cattaneo, Chief Executive Officer of Zenith, commented:
"The team looks forward to successfully completing Zenith's first well intervention in Tunisia. A projected increase of approximately 40-60 barrels of oil per day will, in the current high oil price environment, result in significant additional revenue and associated profitability.
We are very pleased with our recent progress and expect to soon be in a position to update shareholders on our other key development milestones.”
Further Information:
Zenith Energy Ltd |
|
Andrea Cattaneo, Chief Executive Officer | Tel: +1 (587) 315 9031 |
| E-mail: info@zenithenergy.ca |
Allenby Capital Limited - Financial Adviser & Broker |
|
Nick Harriss Nick Athanas | Tel: + 44 (0) 203 328 5656 |
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.