Earnings Release • Oct 10, 2017
Earnings Release
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National Storage Mechanism | Additional information
RNS Number : 1274T
Zenith Energy Ltd
10 October 2017
October 10, 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Successful perforations increase production from well C-21 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 a further update on the successful perforation of new, unexploited pay zones in well C-21.
Well C-21 in the Jafarli field is now flowing at an increased rate of 35 BOPD following the identification of an additional 7.8 metres of unexploited pay zones that have been perforated between the depths of 3429-3431.8, 3611.5-3615.5 and 3637-3638 metres in the Middle Eocene geological structure.
The Company announced on October 6, 2017 that production from well C-21, which was previously non-producing, had been restored at a rate of 15 BOPD following the successful perforation of 7.1 metres of unexploited pay zones between the depths of 3706-3708.5, 3862-3863, 3865-3867 and 3869.6-3871.2 metres.
These perforations were undertaken after examining well data obtained by utilising innovative quad neutron logging technology. As announced by the Company on October 6, 2017, this technology had never been employed previously in its Azerbaijan operations.
Zenith's operational team now intends to install an electric submersible pump (ESP) to draw down the formation pressure with the objective of further increasing oil production from well C-21.
High-impact workover of well Z-28
The Company confirms that the workover of well Z-28 in the Zardab field began on October 7, 2017. The Company's operational team expects the workover of well Z-28 to be completed by mid-November 2017.
Mike Palmer, Chief Operating Officer, Zenith Aran, the Company's Azerbaijan-based fully owned subsidiary, commented:
"We are starting to build momentum and our systematic field rehabilitation activities are progressively delivering positive outcomes. This is the gradual result of the new technologies we are employing in our operations, as well as the strengthening of our operational skillset and understanding of the field's geology.
What is most encouraging is the fact that there are a significant number of wells across the field, which are either significantly underperforming or non-producing, where similar results to those achieved at wells C-21 and C-26 can be replicated successfully with very contained operational outlays.
I am very excited about our journey ahead."
For further information, please contact
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
Email: [email protected]
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
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825
This information is provided by RNS
The company news service from the London Stock Exchange
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