Zenith purchases workover rig in Azerbaijan

RNS Number : 8619C

Zenith Energy Ltd

25 January 2018

 

 January 25, 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Zenith purchases workover rig 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 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."

For further information please contact:

Zenith Energy Ltd.  

Andrea Cattaneo

Chief Executive Officer 

Email: [e-mail]

Telephone:  [phone] 

Beaufort Securities Limited - (Joint Broker)

Jon Belliss

Telephone: [phone]

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: [phone]

 

 

END

 

 

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