(TheNewswire)
Calgary, AB / TheNewswire / November 16, 2017 - 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
filing of its consolidated quarterly results for the three and six months ended September 30, 2017.
These results were filed on SEDAR (www.sedar.com) on November 15, 2017 in accordance with TSX
and Alberta Security Commission rules.
Highlights for the three and six months ended September 30, 2017 include the
following:
- The Company produced 23,095 and 47,954 barrels of oil from its assets
in Azerbaijan. At the end of September 2017, there were 2,588 barrels of unsold oil production in Azerbaijan held in inventory
which was sold in subsequent months.
- The Company sold 4,831 and 9,621 MCF of natural gas produced from its
Italian assets.
- The Company sold 264 and 488 barrels of condensate produced from its
Italian
assets.
- The Company sold 2,741 and 5,263 MWh of electricity generated from its
Italian assets.
- The Company incurred CAD$931k in capital expenditure in the six months
ended September 30, 2017, primarily resultant from the Company's field rehabilitation and development programme underway in
Azerbaijan.
- The Company announced that it had signed a contract for the procurement of oil
production materials with Kerui Petroleum, a leading Chinese manufacturer of oilfield equipment, on August 21, 2017. The
procurement of this new equipment will enhance Zenith's operational capabilities, enable the Company's personnel to work in remote
field locations, and replenish Zenith's stock of oil production materials. The total value of the procurement contract was
USD$1,706k (approximately GBP1,325k; CAD$2,146k).
Zenith Chief Executive Officer, Andrea Cattaneo, commented:
"These Q2 results confirm the transformational impact of Zenith's Azerbaijan acquisition on the
Company's financial position.
I look forward to announcing increased production revenue in the next set of quarterly results
as we achieve further growth in our daily production of oil."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
For further information, please contact:
Zenith Energy Ltd.
Andrea Cattaneo
|
Luca Benedetto
|
Chief Executive Officer
|
Chief Financial Officer
|
Email: info@zenithenergy.ca
|
|
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 207 382 8300
Allenby Capital Limited - (Financial
Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825
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