Zenith Energy Ltd Operational update, Robbana concession (1102Q)
24 Junio 2022 - 3:50AM
UK Regulatory
TIDMZEN
RNS Number : 1102Q
Zenith Energy Ltd
24 June 2022
June 24, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Operational update, Robbana concession
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company
with proven revenue generating production, exploration and
development assets in Africa and Europe, provides an update on
operational activities in the Robbana concession ("Robbana"),
located onshore Tunisia.
Robbana-1 well ("ROB-1")
The Company can confirm that ROB-1 has successfully been
returned to production following the installation of a new packer
supplied by Weatherford and the previous determination of major
corrosion in the casing being the cause of water ingress in the
wellbore.
ROB-1 is currently producing at a rate of approximately 30
barrels of oil per day ("BOPD") with the installation of the
recently acquired new Weatherford sucker pump. It is the Company's
expectation that a production rate of between 40-50 BOPD might be
achieved once the well is given additional time to stabilise.
The Company is of the view, in consideration of the well's age
and condition, that any significant change in the production
parameters would risk compromising ROB-1's structural integrity and
long-term productivity.
Robbana-3 well ("ROB-3")
As previously announced, the Company has selected the well
location for the drilling of ROB-3, a new well that will reach a
total target depth of approximately 2,500 metres, following an
in-depth geological and reservoir review enhanced by new
information obtained during the workover of ROB-1.
Civil works are expected to begin during the month of September
2022, with a commercial tender for the selection of a drilling
services contractor to be conducted during the coming months,
alongside completion of the necessary local approval process in
accordance with applicable Tunisian legislation.
Drilling activities are expected to commence in November 2022,
following the mobilisation of a drilling to the well location.
The necessary long-lead items have already been acquired and are
being held in storage by the Company and funding for ROB-3 is
expected to be obtained by way of the Company's existing cash
reserves.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are pleased to have now successfully completed all work at
ROB-1, acquiring top-level equipment within strict budgetary
parameters. In the current high oil price environment,
approximately 30 BOPD from ROB-1 represents a relatively
significant source of revenue generation, with the potential to
increase as the well is given more time to stabilise. Similarly, we
are pleased to have successfully been able to restore production by
way of the second well intervention which was necessary to remove
water ingress in the wellbore.
Our attention will now turn to drilling ROB-3, having obtained
valuable insights about the formation by way of our work in ROB-1.
Our geological and reservoir studies have been further refined and
it is important to recall that third-party geophysical analysis
suggests that the Robbana concession has likely only produced 4.35%
of its estimated reserves to date.(1) This gives us confidence in
the future production potential of Robbana through the ROB-3 well
which will be drilled later this year.
Our objective for Robbana is to reach a daily production rate of
approximately 200-250 BOPD, which would represent the achievement
of approximately a tenfold increase in daily production from the
concession since it was acquired by Zenith.
"The team continues to work on several fronts with confidence,
and we look forward to updating investors in due course regarding
our potentially transformational progress during 2022."
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 9031
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
BlytheRay - Financial PR/IR Tel: +44 207 138 3204
Tim Blythe, Alice McLaren, Madeleine E: zenith@blytheray.com
Gordon-Foxwell
Alternative Resource Capital -
Broker Tel: +44 (0) 207 186 9004
Tel: + 44 (0) 207 186 9005
Alex Wood
Keith Dowsing
Notes to Editors :
Zenith Energy Ltd. is a revenue generating, independent energy
company with production, exploration and development assets in
Tunisia, Italy and the Republic of the Congo, including electricity
generation in Italy. The Company is listed on the London Stock
Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo
Stock Exchange (OSE: ZENA).
Zenith's strategic focus is on pursuing transformational
opportunities in Africa and Europe through the development of
proven revenue generating oil, gas and electricity production
assets, as well as low-risk exploration activities in assets with
existing production.
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.
*Endnotes
1. This assessment has not been produced in accordance with
Canadian National Instrument 51-101, (NI 51-101), or other
internationally recognised standard.
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