TIDMZEN

RNS Number : 9317L

Zenith Energy Ltd

16 September 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

September 16, 2021

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Record electricity production revenue in Italy

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), a listed international company producing oil, natural gas and electricity, is pleased to announce that its electricity production activities in Italy have been generating record profitability.

The Company has been generating an average of approximately 900 MWh per month at the Torrente Cigno concession, where low-grade natural gas production is used to generate electricity.

Electricity has been sold at an average sale price of approximately EUR 110 per MWh resulting in net revenues of approximately EUR 110,000 per month. The current net production costs are approximately EUR 35,000 per month. The outlook for electricity generation in Italy appears attractive for the remainder of the year.

Luca Benedetto, Chief Financial Officer and Managing Director of Italian operations, commented:

"We are delighted with the record profitability of our electricity production at Torrente Cigno made possible by the favourable price of electricity in Italy at this time.

By way of comparison, electricity prices in September 2020 were in a range between approximately EUR 45 - 55 per MWh.

It is our intention to replicate our successful model of electricity production at Torrente Cigno on a larger scale in certain African jurisdictions, following the identification of a suitable oil and gas production asset.

It is important to underline that gas-powered electricity generation is significantly more environmentally friendly than using coal because of the comparatively much lower carbon content."

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DRLFFFVFALIELIL

(END) Dow Jones Newswires

September 16, 2021 02:00 ET (06:00 GMT)

Zenith Energy (LSE:ZEN)
Gráfica de Acción Histórica
De Oct 2021 a Nov 2021 Haga Click aquí para más Gráficas Zenith Energy.
Zenith Energy (LSE:ZEN)
Gráfica de Acción Histórica
De Nov 2020 a Nov 2021 Haga Click aquí para más Gráficas Zenith Energy.