Appointment of Joint Broker and Azerbaijan Update

RNS Number : 6208Z

Zenith Energy Ltd

16 March 2017

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Appointment of Joint Broker and

Update on Field Rehabilitation Activities in Azerbaijan

Appointment of Joint Broker

Calgary, Alberta, March 16, 2017, Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company, is pleased to announce the appointment of Allenby Capital Limited as Joint Broker to the Company on the London Stock Exchange.

Update on Field Rehabilitation Activities in Azerbaijan

The Company is also pleased to announce that Team A, comprised of the Company's field personnel and operating the Company's first fully owned workover rig, has now commenced operations.

As announced on February 9, 2017, the Company's workover rig was undergoing a comprehensive factory reconditioning which is now complete. This rig has now returned to the Muradhkanli field and has been delivered to Team A.

The Company previously reported on the progress of Team B on February 9, 2017 and March 6, 2017. Team B is the name assigned to the personnel from a local drilling company operating the workover rig involved in remedial operations at the M-195 location.

Effective today, Team A, has begun field rehabilitation activities at the Muradkhanli and Jafarli fields. Team A has been assigned the installation of new submersible pumps at wells M-70 and M-48 in the Muradkhanli field and well C-34 in the Jafarli field.   These operations will provide a good testing exercise for Team A's technical capabilities and its efficiency in working as a team prior to being assigned a technically more demanding well workover.

Following these pump installations Team A will be assigned the workover of well M-45 which had originally been allocated to Team B.

Andrea Cattaneo, CEO of Zenith, commented:

"I welcome Allenby Capital as our new Joint Broker.

I am also very pleased to announce that field rehabilitation activities undertaken by the second workover team, Team A, comprised of Zenith's field personnel, have now begun following the overhaul of the Company's fully owned workover rig.

The Company views the competition between Team A and Team B as an essential ingredient to its success and I am confident that this will provide a healthy stimulus to Zenith's systematic well workover programme in Azerbaijan.

Zenith's management will monitor the progress of both teams and evaluate which wells to assign going forward after assessing the technical recompletion requirements of each well whilst considering the performances of each team on previous assignments."

For further information, please contact:

Zenith Energy Ltd.

José Ramón López-Portillo  

Chairman of the Board

Andrea Cattaneo

CEO & President                                                                                                        

E-mail:     [e-mail]

Telephone:        [phone]

Telefax:            [phone]

Allenby Capital Limited - (Joint Broker)

Nick Harriss

Nick Athanas

Richard Short              

Telephone:  [phone] 

Optiva Securities  - (Joint Broker)

Christian Dennis

Telephone: [phone]

 

END

 

 

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