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 provided an update on its drilling programme and well perforation activities.
The Company has evaluated a number of drilling locations to follow planned drilling operations in well C-30. As previously announced, mobilisation of Zenith’s 1,200hp drilling rig to the C-30 well location is expected to take place before the end of October 2019.
As part of its planned future drilling programme, Zenith has identified well M-247, located in the south-western part of the Muradkhanli oilfield, as a highly prospective geological target for well deepening or sidetrack operations targeting the Middle Eocene and Upper Cretaceous formations.
Well M-247 is currently not in production and last produced at a rate of approximately 200 barrels of oil per day in 1990.
The well is located in the proximity of Lake Sarisu and it is expected that a series of civil works will be required to render the location fully accessible during the winter season.
Well Perforation Activities
The Company’s geological team in Azerbaijan has identified a number of wells in the Muradkhanli oilfield in which perforations of selected untapped intervals are expected to generate additional oil production.
Zenith expects to begin performing the first perforation activities during the next ten days and will provide updates as the activities progress.
Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:
“We are taking all the necessary steps to materially increase our daily production of oil and formulate a clear plan to optimise the execution of our potentially transformational drilling activities. I look forward to providing further information regarding these operations in due course.”