Zenith Energy Ltd Record profitability of electricity production (2532X)
04 Enero 2022 - 01:00AM
UK Regulatory
TIDMZEN
RNS Number : 2532X
Zenith Energy Ltd
04 January 2022
January 4, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on record profitability of Italian electricity
production
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, is pleased to provide an update on its electricity
generation activities at the Torrente Cigno concession in Italy,
which have achieved a new record level of profitability due to the
sustained favourable energy pricing climate.
New record profitability of electricity generation
operations
During the month of December 2021, the Company produced a total
of approximately 1,020 MWh, the highest production rate recorded
during the past 12 months, following the performance of targeted
maintenance work during the month of November 2021 to optimise the
efficiency of the electricity generation infrastructure.
Electricity prices during the month of December 2021 averaged
approximately EUR 264 per MWh, resulting in net revenues of
approximately EUR 269,000 per month. The current net production
costs remain fixed at approximately EUR 35,000 per month.
Luca Benedetto, Chief Financial Officer and Managing Director of
Italian operations, commented:
"The remarkable performance of our Italian electricity
production operations was an extremely positive development during
the second part of last year and continues to exceed expectations
by providing increasingly significant cashflow to support the
further development of Zenith's Italian portfolio.
We shall look to expand our Italian portfolio during 2022 by way
of potential acquisitions, as well as by enhancing the productivity
of certain assets within our portfolio, which hold a number of
highly prospective development opportunities, starting with the
further development of the Torrente Cigno concession ."
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.
Further Information:
Zenith Energy Ltd Tel: +1 (587) 315 9031
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328 5656
Adviser & Broker
Nick Harriss
Nick Athanas
------------------------------
Celicourt Communications (Financial Tel: +44 (0) 208 434 2643
PR) E: zenithenergy@celicourt.uk
Mark Antelme
Jimmy Lea
------------------------------
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
complete value-accretive hydrocarbon production opportunities in
the oil & gas sector, specifically in Africa.
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END
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