(TheNewswire)
Calgary, AB / TheNewswire / January 25, 2018 - 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 that it has
signed a purchase agreement contract for the order of a new workover rig, (the " New Workover Rig
"), with a well-established manufacturer based in Azerbaijan.
The New Workover Rig is designated as an A-100 truck-mounted workover rig. The model of the New
Workover Rig has an extensive manufacturing history in Russian and Central Asian countries and is among the most heavily utilised
workover rig variants in the region. The abundant availability of spare parts and mechanical support in the proximity of the
Company's operations has played an important role in the selection of the New Workover Rig.
The use of the New Workover Rig will not be restricted to the Company's Azerbaijan
operations.
Delivery of the New Workover rig is expected to take place ninety days from the signing of the
purchase agreement contract.
The total value of the purchase agreement contract for the New Workover Rig is approximately
CAD$440,218 (approximately £250,933).
Andrea Cattaneo, Chief Executive Officer of Zenith, commented:
"The Company is committed to strongly supporting the local economy of our host country. Azerbaijan
has a long and successful history of manufacturing oil production equipment and machinery. Upon delivery, the New Workover Rig will
join the Company's recently upgraded A-80 workover rig in performing field rehabilitation operations across the
field."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 (0) 207 382 8300
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Telephone: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
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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