Zenith Energy Ltd Publication of 2022 FY Annual Audited Report (4734X)
30 Agosto 2022 - 1:02AM
UK Regulatory
TIDMZEN
RNS Number : 4734X
Zenith Energy Ltd
30 August 2022
August 30, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Publication of 2022 FY Annual Audited Report
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA) , the energy company
with proven revenue generating production, exploration and
development assets in Africa and Europe , is pleased to publish its
independently audited financial results (the "Annual Report") for
the financial year ended March 31, 2022 ("2022 FY" or the
"Period").
The Annual Report can be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/4734X_1-2022-8-29.pdf
A copy of the Annual Report will also be made available on the
Company's website at: www.zenithenergy.ca
Key Highlights
During the financial year ended March 31, 2022, the Company:
-- Generated revenues from the production of oil, gas, and
electricity of CAD$8,239,000 (2021 - CAD$596,000).
-- Held inventory awaiting sale of 116,391 barrels of crude oil
that had been produced in Tunisia.
-- Produced and sold 131,556 Mcf of natural gas from its Italian
assets (as compared to 12,713 Mcf for the corresponding period for
the financial year ended March 31, 2021).
-- Recorded an after-tax profit of CAD$64,437,000 (compared to
an after-tax profit of CAD$3,525,000 for the financial year ended
March 31, 2021).
Luca Benedetto, Chief Financial Officer, commented:
"This positive set of results for the 2022 FY clearly
demonstrate the Company's unprecedented revenue generation which
has been supported by the favourable energy pricing environment.
During the period, the Company also displayed strong attention to
cost control, whilst continuing to pursue an ambitious growth
programme in respect of developing the existing portfolio and
acquiring new assets. Additionally, Zenith's operating results have
markedly improved over the corresponding period for the past
financial year, and we expect this trend to continue into 2023.
As we look towards the next financial year, it is our intention
to take every necessary step in the near-term to ensure that our
production activities are maximised, and, with equal focus, that
our portfolio is enriched by the acquisition of new assets that can
contribute, potentially in a transformational manner, to the
sustained, long-term profitability of the Company ."
-ENDS-
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, Megan Ray , 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.
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
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.
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END
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