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Zenith Energy

Zenith Energy Ltd Successful Drilling Results

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 provided an update regarding drilling operations at well C-37 in the Jafarli oilfield.

The Company confirms that the deepening of well C-37 has successfully identified three untapped oil-bearing clastic layers in the Middle Eocene formation with a total net pay zone of approximately 16 metres.

Oil and gas shows recorded during drilling of these intervals have indicated the presence of favourable reservoir facies. Zenith is currently performing a series of wireline logs to enable a detailed evaluation of which intervals to perforate after the well is cased and cemented. Flow rates will be communicated once the well is placed on production.

The Company confirms that it has achieved its second objective of successfully drilling well C-37 to a total depth of 4,350 metres to test the Upper Cretaceous formation. This has evidenced a sequence of clay and carbonate facies which require further evaluation through wireline logs in order to ascertain the presence of possible oil-bearing reservoirs.

Preparatory work at well C-30

In line with Zenith’s work programme, and further encouraged by the preliminary results achieved in the Middle Eocene formation of well C-37, the Company can confirm that civil works at well C-30 are expected to begin shortly.

Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:

“The first indications we have received from drilling operations at well C-37 are very encouraging. The approximately 16 metres of net pay zone we have identified confirm our confidence in the productivity of the Middle Eocene formation, historically a strong producer across our Azerbaijan asset, and the merits of deepening well C-37 in order to materially increase our daily production of oil.

I am also delighted with the performance of Zenith’s service company subsidiary, Zena Drilling, during its first operational activities in Azerbaijan with our recently acquired 1,200hp drilling rig. We expect the speed of execution and efficiency of Zena to progressively optimise as we go forward in implementing our systematic drilling programme in Azerbaijan.

We look forward to completing operations at well C-37, and to communicating flow rates to the market as soon as they are determined.”