Zenith Energy Ltd Appointment of Joint Broker and Azerbaijan Update (6208Z)
March 16 2017 - 3:01AM
UK Regulatory
TIDMZEN
RNS Number : 6208Z
Zenith Energy Ltd
16 March 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Appointment of Joint Broker and
Update on Field Rehabilitation Activities in Azerbaijan
Appointment of Joint Broker
Calgary, Alberta, March 16, 2017, Zenith Energy Ltd. ("Zenith"
or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed
international oil & gas production company, is pleased to
announce the appointment of Allenby Capital Limited as Joint Broker
to the Company on the London Stock Exchange.
Update on Field Rehabilitation Activities in Azerbaijan
The Company is also pleased to announce that Team A, comprised
of the Company's field personnel and operating the Company's first
fully owned workover rig, has now commenced operations.
As announced on February 9, 2017, the Company's workover rig was
undergoing a comprehensive factory reconditioning which is now
complete. This rig has now returned to the Muradhkanli field and
has been delivered to Team A.
The Company previously reported on the progress of Team B on
February 9, 2017 and March 6, 2017. Team B is the name assigned to
the personnel from a local drilling company operating the workover
rig involved in remedial operations at the M-195 location.
Effective today, Team A, has begun field rehabilitation
activities at the Muradkhanli and Jafarli fields. Team A has been
assigned the installation of new submersible pumps at wells M-70
and M-48 in the Muradkhanli field and well C-34 in the Jafarli
field. These operations will provide a good testing exercise for
Team A's technical capabilities and its efficiency in working as a
team prior to being assigned a technically more demanding well
workover.
Following these pump installations Team A will be assigned the
workover of well M-45 which had originally been allocated to Team
B.
Andrea Cattaneo, CEO of Zenith, commented:
"I welcome Allenby Capital as our new Joint Broker.
I am also very pleased to announce that field rehabilitation
activities undertaken by the second workover team, Team A,
comprised of Zenith's field personnel, have now begun following the
overhaul of the Company's fully owned workover rig.
The Company views the competition between Team A and Team B as
an essential ingredient to its success and I am confident that this
will provide a healthy stimulus to Zenith's systematic well
workover programme in Azerbaijan.
Zenith's management will monitor the progress of both teams and
evaluate which wells to assign going forward after assessing the
technical recompletion requirements of each well whilst considering
the performances of each team on previous assignments."
For further information, please contact:
Zenith Energy Ltd.
José Ramón López-Portillo
Chairman of the Board
Andrea Cattaneo
CEO & President
E-mail: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Allenby Capital Limited - (Joint Broker)
Nick Harriss
Nick Athanas
Richard Short
Telephone: +44 (0) 20 3328 5656
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: +44 (0) 203 137 1903
This information is provided by RNS
The company news service from the London Stock Exchange
END
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