Zenith Energy Ltd Zardab Operational Update (0647C)
January 17 2018 - 2:00AM
UK Regulatory
TIDMZEN
RNS Number : 0647C
Zenith Energy Ltd
17 January 2018
January 17, 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Zardab Operational Update
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE), the dual listed international oil & gas production
company operating the largest onshore oilfield in Azerbaijan, is
pleased to provide an update on its field rehabilitation operations
in the Zardab field, Azerbaijan.
High-impact workover of well Z-21
The Company confirms that the high-impact workover of well Z-21
began on the evening of January 16, 2018 following the mobilisation
and rigging up of a coiled tubing unit ("CTU") and the arrival of
ancillary milling equipment.
The CTU will be run to total depth ("TD"), 3982 metres,
bypassing the previous tag depth of 2062 metres to which an initial
coiled tubing intervention had been run on August 4, 2017.
As announced by the Company on December 19, 2017, the average
wellhead pressure recorded since the initial coiled tubing
intervention undertaken in August 2017 has progressively increased
to significant levels. The most recent well inspection recorded an
average shut-in tubing and shut-in annulus pressure reading of
approximately 4300 psi.
The Company will provide an update once operations at well Z-21
are completed.
High-impact workover of well Z-28
The Company is awaiting imminent delivery of resin compounds to
successfully seal the wellhead after, as announced on December 19,
2017, a leak had been observed during a pressure test from the
wellhead in the 9 5/8 inches casing seal assembly.
This follows the commissioning of a detailed engineering study
aimed at resolving the problem from an internationally established
company, specialised in oilfield leak-sealing technology, based in
the United Kingdom.
Once the sealing of the wellhead is achieved, the Company's
operational team intends to run a CTU to TD, 3944 metres, from the
top of the slotted liner and place the well on production.
The Company will provide an update once operations at well Z-28
are concluded.
Mike Palmer, Chief Operating Officer, Zenith Aran, the Company's
Azerbaijan-based fully owned subsidiary, commented:
"We are at a very exciting juncture in the Company's operations
in the Zardab field, especially as we are confident regarding the
success of these operations. The next couple of weeks will be
instrumental in achieving our oil production objectives. I am very
much looking forward to a favourable result in both these
operations to reward the significant work performed to date."
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 207 382 8300
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLFKADNFBKDODD
(END) Dow Jones Newswires
January 17, 2018 02:00 ET (07:00 GMT)
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Apr 2024 to May 2024
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From May 2023 to May 2024