Zenith Energy Ltd Lifting of Tunisian production - US$6.4 million (0415J)
22 Abril 2022 - 2:50AM
UK Regulatory
TIDMZEN
RNS Number : 0415J
Zenith Energy Ltd
22 April 2022
April 22, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Lifting of crude oil production from Tunisia - US$6.4
million
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, is pleased to announce that an international crude lifting
of approximately 62,000 barrels of oil has successfully been
concluded at a price of approximately US$103 per barrel for
production from its 45% interest in the Ezzaouia concession, as
well its 100% interest in the El Bibane and Robbana
concessions.
Total receivables from the sale are expected to be approximately
US$6.4 million and are to be paid during the month of May 2022.
A second international crude lifting for a quantity of at least
approximately 52,000 barrels of oil produced from the Company's
22.5% working interest in the Sidi El Kilani concession (onshore
Tunisia) is expected to take place in June 2022.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are extremely pleased to have sold our production in the
current very favourable oil price environment, registering a
significant improvement over our first sale of Tunisian crude
announced on July 8, 2021.
We shall use the proceeds to further strengthen our investment
in the development of our Tunisian portfolio in close cooperation
with our partners, having the objective of increasing our daily
in-country net production to a level of 1,000 bopd by way of
workover and drilling activities to be performed in the months
ahead in the Ezzaouia and Robbana concessions.
The performance of our energy production activities in Italy and
Tunisia gives Zenith unprecedented financial security and the
required operating cash flow to successfully deliver on our
operational and business development strategy across the
portfolio."
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 1279
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
Alternative Resource Capital
- Broker Tel: +44 (0) 207 186 9004
Tel: + 44 (0) 207 186 9005
Alex Wood
Keith Dowsing
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.
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange Main Market (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.
Follow us on LinkedIn: https://www.linkedin.com/company/zenith-energy-limited/
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END
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