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Zenith Energy Ltd - Completion of Handover & Receipt of Payment

RNS Number : 0004R
Zenith Energy Ltd
25 June 2020
 

June 25, 2020

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")

Completion of Handover & Receipt of Payment

Zenith Energy Ltd. ("Zenith" or the "Company") (LSEZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that the handover process (the "Handover") of the Contract Rehabilitation Area ("CRA") to SOCAR in the Republic of Azerbaijan has now been successfully concluded.

 

As a result of the Handover, Zenith has ceased all oil production operations in Azerbaijan and all field production personnel, approximately 170 employees, have been transferred to a division of SOCAR.

 

 

Receipt of Payment 

 

The Company is pleased to confirm that its Azerbaijan subsidiary has recently received a payment for oil production of approximately US$508,000 from SOCAR.

 

 

Further Information:

Zenith Energy Ltd. 

 

Andrea Cattaneo, Chief Executive Officer

Tel: +1 (587) 315 9031

 

E-mail: [email protected]

 

Notes to Editors

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Merkur Market of the Oslo Stock Exchange (ZENA:ME).

Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically in Africa. The Company's board of directors and senior management team have the experience and technical expertise to develop the Company successfully.

 

 


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