Tickers: PINX:CANIF, XTSX:ZEE
Tags: Oil & Gas
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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