Zenith Energy Ltd New record electricity production revenue (9851N)
05 Octubre 2021 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 9851N
Zenith Energy Ltd
05 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
October 5, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
New record electricity production revenue
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, is pleased to announce that its production activities in
Italy have achieved a new record in terms of profitability because
of the current favourable energy pricing climate.
Electricity production in Italy
The Company is pleased to report, further to its announcement
dated September 16, 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 September 2021, the Company produced a total
of approximately 920 MWh, a small increase in respect of the
previous month.
Electricity prices during the month of September 2021 have
averaged approximately EUR 157 per MWh, resulting in net revenues
of approximately EUR 150,000 per month. The current net production
costs remain fixed at approximately EUR 35,000 per month.
An application for the New Common Shares to be listed on the
standard segment of the FCA Official List and to be admitted for
trading on the London Stock Exchange Main Market for listed
securities will be made within 12 months of the issue date.
Issue of equity in respect of Winance Loan Agreement
The Company has issued 3,953,708 new common shares of no par
value (the "New Common Shares") at an issue price of NOK 0.1266
(equivalent to approximately GBP0.011) to Winance in respect of the
Loan Agreement announced to the market on May 26, 2021.
Total Voting Rights
The Company wishes to announce, in accordance with the UK
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules, as well as section 3.10 of the Euronext Growth Oslo Rule
Book Part II , the following revised information resulting from the
issuance of the New Common Shares:
Class of share Total number Number Total number of
of shares of voting voting rights per
rights class of share
per share
Common Shares in issue
and admitted to trading
on the Main Market
of the London Stock
Exchange 313,400,824 1 313,400,824
--------------- ------------ --------------------
Common Shares in issue
and admitted to trading
on the Euronext Growth
Market of the Oslo
Børs - representing
the total outstanding
common share capital
of the Company 1,411,665,358 1 1,411,665,358
--------------- ------------ --------------------
Luca Benedetto, Chief Financial Officer and Managing Director of
Italian operations, commented:
"The continued record profitability of our Italian operations by
way of our electricity generation activities at Torrente Cigno is a
source of great satisfaction for the Zenith team.
We have begun studying ways of increasing our electricity
production operations in Italy at the Torrente Cigno concession
making use of the existing infrastructure, including the potential
drilling of the Masseria Vincelli 2 sidetrack well, in order to
further benefit from the current pricing environment which is
projected to remain extremely favourable for the rest of the year
and beyond."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 5656
-----------------------------
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 seize
value-accretive hydrocarbon production opportunities in the oil
& gas sector, specifically in Africa.
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END
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