TIDMZEN
RNS Number : 5007T
Zenith Energy Ltd
15 November 2019
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
November 15, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Filing of Quarterly Results
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME) the listed international oil & gas
production company, is pleased to announce the filing of its
consolidated quarterly results for the three and six month period
ended September 30, 2019 (the "period") (www.sedar.com).
In accordance with Canadian securities laws, filing of the
Company's quarterly results was performed on November 14, 2019. A
copy of these documents will shortly be available for review on the
Company's website: www.zenithenergy.ca.
Highlights for the three and six month period ended September
30, 2019, include the following:
-- During the period, the Company sold 18,707 and 39,122 bbls of
oil from its assets in Azerbaijan.
-- During the period, the Company sold 2,647 and 5,499 mcf of
natural gas from its Italian assets.
-- During the period, the Company sold 2,669 and 5,448 MWh of
electricity from its Italian electricity production assets.
-- During the period the Company incurred CAD$2,497k of
Administrative Expenses compared to CAD$4,478k incurred in the six
months ended September 30, 2018
-- On July 2, 2019, the totally owned Swiss based company Altasol SA repaid the CHF1,000k loan.
-- On July 5, 2019 the Italian based company Canoel Italia
S.r.l., finished repaying the Euro 200,000 loan to Credito
Valtellinese.
-- On August 2, 2019, the Company completed a placing in Canada
issuing a total of 47,812,500 Common Shares, at a price of CAD$0.04
per unit, raising gross proceeds of CAD$1,912,500.
-- On October 1, 2019, the Company announced that, following
negotiations with the lender, it had successfully agreed to reduce
the value of the Loan Facility to a new total amount of
US$1,000,000, representing a profit of US$1,080,523.
The full amount of the principal, and related accrued interest,
of the Loan Facility was represented and accounted as a liability
in the audited Annual Financial Report of the Company as of March
31, 2019, for a total amount of US$2,080,523. On October 24, 2019,
the Company announced that it had repaid the first tranche of the
settlement of this liability.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 207 469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Joint Tel: + 44 (0) 207 399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203 934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
Zach Cohen
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 9, 2019 by Arc
Ratings, S.A.
The Company operates the largest onshore oilfield in Azerbaijan
following the signing of a 25-year REDPSA, (Rehabilitation,
Exploration, Development and Production Sharing Agreement), with
SOCAR, State Oil Company of the Republic of Azerbaijan, in
2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, condensate and
electricity.
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector. The Company's Board of Directors and senior
management team have the experience and technical expertise to
develop the Company successfully.
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.
END
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