August 12,
2024
ZENITH
ENERGY LTD.
("Zenith" or the
"Company")
Update on
Tunisian production portfolio
Zenith Energy
Ltd. (LSE: ZEN; OSE:
ZENA; OTCQB: ZENAF), the international energy production and development
company, provides an update in respect of its Tunisian onshore oil
production portfolio comprised of the Robbana and El Bibane
concessions, both wholly owned by a subsidiary of the
Company.
Zenith can confirm that
approximately 11,500 barrels of crude oil are presently held in
stock and that an international lifting of crude oil is expected to
take place on or before the close of October 2024.
Production from Robbana and El
Bibane has been irregular, with various interruptions due to delays
in payment of staff salaries resulting from the non-payment of past
oil production, as well as delays suffered by the Company in
selling its stock of crude oil due to unexplained obstructions in
facilitating crude oil liftings from the Tunisian
authorities.
The Company can confirm that it is
working towards ensuring that the salaries of field personnel are
fully settled, and that production is expected to resume on or
before August 19, 2024, at a cumulative total rate of 90 bopd from
both concessions.
Andrea Cattaneo, Chief Executive Officer, commented:
"The Company, its shareholders and employees
have continued to suffer damage because of the arbitrary behaviour
of the Tunisian authorities.
Notwithstanding the great
difficulties caused by the various arbitrary obstructions, we have
sought in good faith to make every reasonable effort to continue
operating the Robbana and El Bibane concessions in full compliance
with our obligations.
We shall apply our best endeavours
to complete the international crude lifting on or before October
2024, not long before the expected publication of the decision for
the ICC Arbitration initiated against ETAP for non-payment of oil
production in respect of other assets held by the Company in
Tunisia."
Further Information:
|
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer
|
Tel: +1 (587) 315 1279
E: info@zenithenergy.ca
|
Notes to Editors:
Zenith Energy Ltd. is a revenue
generating, independent energy company with energy production,
exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange
Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock
Exchange (OSE: ZENA) and the Venture Market of
the OTCQB (OTCQB: ZENAF).
Zenith's strategic focus is on
pursuing development opportunities through the development of
proven revenue generating energy 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.