Zenith Energy Ltd., (LON: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, has today announced that drilling operations at well C-37 of the Jafarli oilfield have commenced.
The Company will provide further updates as appropriate in accordance with operational progress.
Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange and London Stock Exchange. In addition, the Company’s common share capital was admitted to trading on the Merkur Market of the Oslo Børs on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Børs.
The Company was assigned a medium to long-term issuer credit rating of “B+ with Positive Outlook” on October 8, 2018 by Arc Ratings, S.A.
The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016.
The Company’s primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company’s Italian operations produce natural gas, condensate and electricity.
Zenith’s development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector. The Company’s Board of Directors and senior management team have the experience and technical expertise to develop the Company successfully.