Zenith Energy Ltd Update on profitability of Italian operations (5834R)
08 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 5834R
Zenith Energy Ltd
08 November 2021
November 8, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on profitability of Italian operations
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, is pleased to provide an update on its electricity
generation activities in Italy, which have achieved a new record
profitability because of the continuing favourable energy pricing
climate.
New record profitability of electricity generation
operations
The Company is pleased to report, further to its last
announcement dated October 5, 2021, that its electricity generation
activities at the Torrente Cigno concession in Italy, where
low-grade natural gas production is used to generate electricity,
have registered a new record in terms of profitability.
During the month of October 2021, the Company produced a total
of approximately 920 MWh.
Electricity prices during the month of October 2021 averaged
approximately EUR 214 per MWh, resulting in net revenues of
approximately EUR 181,500 per month. The current net production
costs remain fixed at approximately EUR 35,000 per month.
Luca Benedetto, Chief Financial Officer and Managing Director of
Italian operations, commented:
"We continue to be extremely pleased with the increasing revenue
generation and associated profitability of our Italian operations,
which have now acquired material significance.
As previously announced, we are evaluating how best to optimise
and, where possible, enhance the productivity of our Italian
portfolio, which also includes a number of other prospective
concessions in addition to Torrente Cigno."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
Further Information:
Zenith Energy Ltd Tel: +1 (587) 315 9031
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328 5656
Adviser & Broker
Nick Harriss
Nick Athanas
------------------------------
Celicourt Communications (Financial Tel: +44 (0) 208 434 2643
PR) E: zenithenergy@celicourt.uk
Mark Antelme
Jimmy Lea
------------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly
complete value-accretive hydrocarbon production opportunities in
the oil & gas sector, specifically in Africa.
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