Tickers: PINX:CANIF, XTSX:ZEE
Tags: Oil & Gas
Calgary, AB / TheNewswire / January 17, 2018 - 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."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning the current and future production potential of the Company's assets. The forward-looking statements and information are based on certain key expectations and assumptions made by Zenith, including the ability to execute its strategy and realise its growth opportunities, including its ability to finance and execute its plans. Although Zenith believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. All timing given in this announcement, unless stated otherwise is indicative and while the Company endeavours to provide accurate timing to the market, it cautions that due to the nature of its operations and reliance on third parties this is subject to change often at little or no notice. By its nature, such forward-looking information is subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties, include, but are not limited to, Zenith being unable to finance or realise growth opportunities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Zenith undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking information contained herein is expressly qualified by this cautionary statement.
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
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