AI assistant
Zenith Energy — Earnings Release 2021
Oct 29, 2021
8200_iss_2021-10-29_2868730f-ffb0-454b-a8ec-3af8e4a2f584.pdf
Earnings Release
Open in viewerOpens in your device viewer
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."
| Zenith Energy Ltd | Tel: +1 (587) 315 9031 |
|---|---|
| Andrea Cattaneo, Chief Executive Officer | |
| E: [email protected] |
|
| Allenby Capital Limited - Financial Adviser & |
Tel: + 44 (0) 203 328 5656 |
| Broker | |
| Nick Harriss | |
| Nick Athanas | |
| Celicourt Communications (Financial PR) | Tel: +44 (0) 208 434 2643 |
| Mark Antelme | E: [email protected] |
| Jimmy Lea | |
Further Information:
The information included in this announcement is defined as inside information pursuant to MAR article 7 and is publicly disclosed in accordance with MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. The announcement is made by the contact person.
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.