Successful perforation of well C-26 in Azerbaijan

RNS Number : 0420Q

Zenith Energy Ltd

07 September 2017

 

September 7, 2017 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Successful perforation of well C-26 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 the successful perforation of a new, unexploited production zone in well C-26 in the Jafarli field.

Following the perforation, well C-26 is flowing at a rate of 70 BOPD. It is important to note that well C-26 was previously not producing. 

The successful perforation was undertaken following the identification of 10 metres of unexploited payzone between the depth of 3618-3628 metres in the Middle Eocene geological structure.  

This operation is part of the Company's strategy, announced on September 6, 2017, to identify and perforate new productive zones in a number of underperforming wells with significant untapped production potential.

Mike Palmer, Chief Operating Officer, Zenith Aran, the Company's Azerbaijan-based fully owned subsidiary, commented:

"This is a very positive development that confirms the strong potential of our rehabilitation operations in Azerbaijan.  The identification and perforation of new production zones in a number of underperforming wells is a very important part of Zenith Aran's field development strategy between now and March 31, 2018.

It is particularly important to note that well C-26 was not producing and that we have achieved a very significant increase in daily production revenue from this well, from 0 BOPD to 70 BOPD.

I very much look forward to implementing other parts of our field rehabilitation programme announced yesterday, specifically the workover of Z-28 in the Zardab field.  This will be our most technically demanding well intervention so far, but equally potentially the most rewarding." 

For further information, please contact:

Zenith Energy Ltd.      

Andrea Cattaneo

CEO & President

Email: [e-mail]

Telephone:     [phone]

Telefax:           [phone]

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

Abchurch (Financial PR/IR)

Tim Thompson

Telephone: [phone]

 

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