Zenith Energy Ltd.

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Zenith Energy Ltd. (LSE: ZEN | TSX-V: ZEE | OSE: ZENA-ME), is an international energy production and exploration company operating the largest onshore oilfield in Azerbaijan. The Company also has interests in natural gas, condensate and electricity production assets in Italy.

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Zenith Energy Ltd.

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Zenith Energy Ltd. (LSE: ZEN | TSX-V: ZEE | OSE: ZENA-ME), is an international energy production and exploration comp......

people4 Members       (0)

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8020 Admin

12 hours ago

8020 Admin posted a press release Approval of Prospectus for EUR 25 million EMTNs in ZENITH ENERGY LTD.

November 6, 2019 - TheNewswire / Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company, is pleased to announce the approval of its Base Prospectus ("Prospectus") for the issuance of EUR 25,000,000 unsecured, multi-currency Euro Medium Term Notes at par value (the "Notes") on the Third Market (MTF) of the Vienna Stock Exchange ("Wiener Borse AG").


The Notes can be issued in tranches at Zenith's discretion up to an aggregate principal amount not to exceed the value of Euro 25,000,000 and in any currency agreed between Zenith and the relevant investor including EUR, CAD$, GBP, USD, and CHF.


The current maximum aggregate principal amount of all Notes at any one time outstanding will not exceed Euro 25,000,000 (or its equivalent in other currencies), subject to an increase from time to time in accordance with applicable law.


The Notes are governed by Austrian law and, since the Notes are not convertible into equity of Zenith, the issuance of the Notes is not subject to the approval of the TSX Venture Exchange in Canada.


The issue of the Notes is aligned with the Company's strategy of diversifying its financing towards non-equity dilutive funding to support its successful development.


The Prospectus for the issue of the Notes will shortly be available for consultation on the Company's website: www.zenithenergy.ca.


The Company will provide further information as appropriate.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"We are very pleased to have received approval for our new EMTN instrument, especially as we are delivering on our declared strategy of seeking to maximise the use of non-dilutive financing to support the Company's development.


It is important to underline that these Notes give investors improved flexibility because the currency, issue price and interest rate - amongst other key terms - can be determined with the relevant investor in relation to each specific subscription. This is expected to offer a number of benefits to marketing and distributing the Notes.


I look forward to updating investors in due course on our progress in a number of areas."


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.


Read more here: https://www.quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=4600361377970178 

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8020 Admin

2 days ago

8020 Admin posted a press release Proposed acquisition of Norwegian oil & gas company in ZENITH ENERGY LTD.

November 4, 2019 - TheNewswire - Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company, is pleased to announce that it has formalised an offer to acquire a Norwegian oil & gas company, Nordic Petroleum AS ("Nordic"), by way of an exchange of equity.


The proposed acquisition is structured to be for a minimum of 90 percent of the outstanding shares in Nordic with a proposed equity exchange of 100 Nordic common shares for 1 Zenith common share ("Proposed Terms").


The amount of outstanding fully diluted shares in Nordic is 905,045,166 common shares (nine hundred five million forty-five thousand one hundred sixty-six). Zenith will issue up to 9,050,452 common shares of no par value under the Proposed Terms.


Nordic was founded in Norway in 1996, where its shares are traded on the Norwegian OTC market, and has around 1,100 shareholders. Its primary activities have been in heavy oils in Alberta, Canada. In addition, it has significant tax credits in Norway, as well as an ongoing legal claim against a UK party. Zenith has agreed to withdraw itself from any positive or negative obligations in relation to this claim meaning that any potential benefit or negative liability resulting from the legal claim will rest solely with Nordic shareholders. Nordic currently generates no revenue.


The unaudited net value of Nordic's equity presently stands at NOK 8,800,000 (equivalent to approximately CAD$1,270,000 or GBP750,000).


Nordic's Board of Directors has decided to recommend the Proposed Terms to its shareholders for approval provided certain conditions and practicalities in the Proposed Terms be resolved prior to the Formal Offer being submitted to shareholders.


Upon completion of the proposed acquisition of Nordic, Zenith intends to use Nordic as a vehicle to pursue the acquisition of mature energy production assets, as well as for potential participation in future licensing bids organised by the Norwegian Ministry of Petroleum and Energy.


The transaction further cements the Company's Norwegian presence in anticipation of attracting additional support from long-term Norwegian institutional investors.


Zenith and Nordic will provide further updates as appropriate.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"The Board of Directors views Norway as an ideal environment for the development of junior energy companies such as Zenith on account of its highly specialised investor community and the country's long history of successful energy production.


The primary benefits of the Norwegian subsidiary acquisition include establishing a presence in Norway which will enable us to significantly enhance our market exposure and attract further support from long-term Norwegian institutional investors, as well as the ability to participate in Norwegian energy projects via our subsidiary. This is in keeping with our stated strategy of targeting additional brown field sites as we look to enhance our portfolio of producing assets.


I look forward to updating investors in due course on progress."


Per Gunnar Loge, Chairman of Nordic Petroleum AS, commented:


"The offer from Zenith represents an opportunity for our shareholders. While Nordic has struggled with a position in a cumbersome heavy oil segment of the industry, Zenith has established a growing business in conventional petroleum segments.


Hence, we believe that this transaction will give our shareholders a more interesting future, and a future with upside potential. Furthermore, potential rewards from our claims towards a UK entity in London will be channelled to our present shareholders."


Read more here: https://www.quotemedia.com/portal/quote?qm_symbol=ZEE%3ACA&qmodStoryID=4947388717194480 

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8020 Admin

5 days ago

8020 Admin posted a press release Completion of Financing in ZENITH ENERGY LTD.

November 1, 2019 - TheNewswire -Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to inform that has now fully closed the private placing on the Merkur Market of the Oslo Borse.


Following up on the Company's previous announcement of October 22, 2019, whereby the Company announced increased participation in its Norwegian private placement, the Company announces that it has successfully closed a further increased amount of 8,977,143 new common shares for additional gross proceeds of NOK 3,142,000 (approximately GBP 265,000.00 or CAD 447,000.00). The aggregate number of common shares issued as part of the private placement was 37,000,000 and private placement was completed at a subscription price of NOK 0,35 per share (3 Pence or CAD cents 5.02).


As previously announced, Zenith intends to use the net proceeds of the offering for continuing operational drilling activity at the Company's Muradkhanli fields.


Total Voting Rights


The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the following information following Admission of the Common Shares issued in the Placing.


Read more here: https://www.quotemedia.com/portal/quote?qm_symbol=ZEE%3ACA&qmodStoryID=8400992401612122 

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8020 Admin

16 days ago

8020 Admin posted a press release Increased participation in Norwegian Private Placement in ZENITH ENERGY LTD.

TheNewswire - October 21st, 2019 - Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:ZEN)(TSXV:ZEE)(OSE:ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce the closing of the Private Placement ("Private Placement") on the Merkur Market of the Oslo Stock Exchange first announced to the market on October 21, 2019.


The Company has successfully raised gross proceeds of NOK 9,808,000 (approximately GBP 824,000 or CAD$ 1,403,000) to subscribe for 28,022,857 common shares of no par value in the capital of the Company ("New Common Shares") at a price of NOK 0.35 per New Common Share (approximately GBP0.03 or CAD$0.05).


Payment and issue of the New Common Shares to complete the Private Placement is expected on or around October 23, 2019, and an update will be made upon completion.


The Private Placement has increased in size due to additional investor interest following the Company's first announcement on the morning of October 21, 2019.


As announced on October 21, 2019, Zenith intends to use the net proceeds of the Private Placement to finance the purchase of long lead items and the beginning of civil works required in preparation for planned drilling operations at well M-247 of the Muradkhanli oilfield, as well as for additional general working capital.


The Private Placement is subject to approval from the TSX Venture Exchange and the Oslo Stock Exchange.


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.


Read more here: https://www.quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=6763305043869842 

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8020 Admin

17 days ago

8020 Admin posted a press release Private Placement in Norway in ZENITH ENERGY LTD.

October 21, 2019 - TheNewswire - Calgary, AB - Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:ZEN); (TSXV:ZEE);(OSE:ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce a Private Placement ("Private Placement") on the Merkur Market of the Oslo Stock Exchange.


The Company has successfully raised gross proceeds of NOK 6,133,000 (approximately GBP518,000 or CAD$880,000) to subscribe for 17,522,857 common shares of no par value in the capital of the Company ("New Common Shares") at a price of NOK 0.35 per New Common Share (approximately GBP0.03 or CAD$0.05).


Payment and issue of the New Common Shares to complete the Private Placement is expected on or around October 23, 2019, and an update will be made upon completion.


 


The Private Placement attracted strong interest and support from Norwegian investors.


Zenith intends to use the net proceeds of the Private Placement to finance the purchase of long lead items and the beginning of civil works required in preparation for planned drilling operations at well M-247 of the Muradkhanli oilfield, as well as for additional general working capital.


The Private Placement is subject to approval from the TSX Venture Exchange and the Oslo Stock Exchange.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"The Board of Directors is pleased that we have successfully completed our first Private Placement in Norway following Zenith's listing on the Merkur Market last year.


The Norwegian market has proven extremely favourable for the Company in recent months as we have delivered the first results of our drilling activities, and I am delighted that many existing and new Norwegian investors participated in the Private Placement.


We look forward to the commencement of drilling operations at well C-30 in due course."


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.


Read more here: https://www.quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=5689591262388397 

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8020 Admin

23 days ago

8020 Admin posted a press release Drilling Programme and Well Perforation Activities in ZENITH ENERGY LTD.

Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to provide an update on its drilling programme and well perforation activities.


Drilling Programme


The Company has evaluated a number of drilling locations to follow planned drilling operations in well C-30. As previously announced, mobilisation of Zenith's 1,200hp drilling rig to the C-30 well location is expected to take place before the end of October 2019.


As part of its planned future drilling programme, Zenith has identified well M-247, located in the south-western part of the Muradkhanli oilfield, as a highly prospective geological target for well deepening or sidetrack operations targeting the Middle Eocene and Upper Cretaceous formations.


Well M-247 is currently not in production and last produced at a rate of approximately 200 barrels of oil per day in 1990.


The well is located in the proximity of Lake Sarisu and it is expected that a series of civil works will be required to render the location fully accessible during the winter season.


Well Perforation Activities


The Company's geological team in Azerbaijan has identified a number of wells in the Muradkhanli oilfield in which perforations of selected untapped intervals are expected to generate additional oil production.


Zenith expects to begin performing the first perforation activities during the next ten days and will provide updates as the activities progress.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"We are taking all the necessary steps to materially increase our daily production of oil and formulate a clear plan to optimise the execution of our potentially transformational drilling activities. I look forward to providing further information regarding these operations in due course."


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.


Further Information:


Read more here: https://www.quotemedia.com/portal/quote?qm_symbol=ZEE%3ACA&qmodStoryID=8792532509755440 

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Zenith Energy Ltd.

lockPrivate Group

Zenith Energy Ltd. (LSE: ZEN | TSX-V: ZEE | OSE: ZENA-ME), is an international energy production and exploration company operating the largest onshore oilfield in Azerbaijan. The Company also has interests in natural gas, condensate and electricity production assets in Italy.

people4 Members       (0)

Corporate Profile
Group Admins:
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Request Membership


Zenith Energy Ltd.

lockPrivateGroup

Zenith Energy Ltd. (LSE: ZEN | TSX-V: ZEE | OSE: ZENA-ME), is an international energy production and exploration comp......

people4 Members       (0)

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8020 Admin

12 hours ago

8020 Admin posted a press release Approval of Prospectus for EUR 25 million EMTNs in ZENITH ENERGY LTD.

November 6, 2019 - TheNewswire / Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company, is pleased to announce the approval of its Base Prospectus ("Prospectus") for the issuance of EUR 25,000,000 unsecured, multi-currency Euro Medium Term Notes at par value (the "Notes") on the Third Market (MTF) of the Vienna Stock Exchange ("Wiener Borse AG").


The Notes can be issued in tranches at Zenith's discretion up to an aggregate principal amount not to exceed the value of Euro 25,000,000 and in any currency agreed between Zenith and the relevant investor including EUR, CAD$, GBP, USD, and CHF.


The current maximum aggregate principal amount of all Notes at any one time outstanding will not exceed Euro 25,000,000 (or its equivalent in other currencies), subject to an increase from time to time in accordance with applicable law.


The Notes are governed by Austrian law and, since the Notes are not convertible into equity of Zenith, the issuance of the Notes is not subject to the approval of the TSX Venture Exchange in Canada.


The issue of the Notes is aligned with the Company's strategy of diversifying its financing towards non-equity dilutive funding to support its successful development.


The Prospectus for the issue of the Notes will shortly be available for consultation on the Company's website: www.zenithenergy.ca.


The Company will provide further information as appropriate.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"We are very pleased to have received approval for our new EMTN instrument, especially as we are delivering on our declared strategy of seeking to maximise the use of non-dilutive financing to support the Company's development.


It is important to underline that these Notes give investors improved flexibility because the currency, issue price and interest rate - amongst other key terms - can be determined with the relevant investor in relation to each specific subscription. This is expected to offer a number of benefits to marketing and distributing the Notes.


I look forward to updating investors in due course on our progress in a number of areas."


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.


Read more here: https://www.quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=4600361377970178 

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8020 Admin

2 days ago

8020 Admin posted a press release Proposed acquisition of Norwegian oil & gas company in ZENITH ENERGY LTD.

November 4, 2019 - TheNewswire - Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company, is pleased to announce that it has formalised an offer to acquire a Norwegian oil & gas company, Nordic Petroleum AS ("Nordic"), by way of an exchange of equity.


The proposed acquisition is structured to be for a minimum of 90 percent of the outstanding shares in Nordic with a proposed equity exchange of 100 Nordic common shares for 1 Zenith common share ("Proposed Terms").


The amount of outstanding fully diluted shares in Nordic is 905,045,166 common shares (nine hundred five million forty-five thousand one hundred sixty-six). Zenith will issue up to 9,050,452 common shares of no par value under the Proposed Terms.


Nordic was founded in Norway in 1996, where its shares are traded on the Norwegian OTC market, and has around 1,100 shareholders. Its primary activities have been in heavy oils in Alberta, Canada. In addition, it has significant tax credits in Norway, as well as an ongoing legal claim against a UK party. Zenith has agreed to withdraw itself from any positive or negative obligations in relation to this claim meaning that any potential benefit or negative liability resulting from the legal claim will rest solely with Nordic shareholders. Nordic currently generates no revenue.


The unaudited net value of Nordic's equity presently stands at NOK 8,800,000 (equivalent to approximately CAD$1,270,000 or GBP750,000).


Nordic's Board of Directors has decided to recommend the Proposed Terms to its shareholders for approval provided certain conditions and practicalities in the Proposed Terms be resolved prior to the Formal Offer being submitted to shareholders.


Upon completion of the proposed acquisition of Nordic, Zenith intends to use Nordic as a vehicle to pursue the acquisition of mature energy production assets, as well as for potential participation in future licensing bids organised by the Norwegian Ministry of Petroleum and Energy.


The transaction further cements the Company's Norwegian presence in anticipation of attracting additional support from long-term Norwegian institutional investors.


Zenith and Nordic will provide further updates as appropriate.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"The Board of Directors views Norway as an ideal environment for the development of junior energy companies such as Zenith on account of its highly specialised investor community and the country's long history of successful energy production.


The primary benefits of the Norwegian subsidiary acquisition include establishing a presence in Norway which will enable us to significantly enhance our market exposure and attract further support from long-term Norwegian institutional investors, as well as the ability to participate in Norwegian energy projects via our subsidiary. This is in keeping with our stated strategy of targeting additional brown field sites as we look to enhance our portfolio of producing assets.


I look forward to updating investors in due course on progress."


Per Gunnar Loge, Chairman of Nordic Petroleum AS, commented:


"The offer from Zenith represents an opportunity for our shareholders. While Nordic has struggled with a position in a cumbersome heavy oil segment of the industry, Zenith has established a growing business in conventional petroleum segments.


Hence, we believe that this transaction will give our shareholders a more interesting future, and a future with upside potential. Furthermore, potential rewards from our claims towards a UK entity in London will be channelled to our present shareholders."


Read more here: https://www.quotemedia.com/portal/quote?qm_symbol=ZEE%3ACA&qmodStoryID=4947388717194480 

!
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8020 Admin

5 days ago

8020 Admin posted a press release Completion of Financing in ZENITH ENERGY LTD.

November 1, 2019 - TheNewswire -Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to inform that has now fully closed the private placing on the Merkur Market of the Oslo Borse.


Following up on the Company's previous announcement of October 22, 2019, whereby the Company announced increased participation in its Norwegian private placement, the Company announces that it has successfully closed a further increased amount of 8,977,143 new common shares for additional gross proceeds of NOK 3,142,000 (approximately GBP 265,000.00 or CAD 447,000.00). The aggregate number of common shares issued as part of the private placement was 37,000,000 and private placement was completed at a subscription price of NOK 0,35 per share (3 Pence or CAD cents 5.02).


As previously announced, Zenith intends to use the net proceeds of the offering for continuing operational drilling activity at the Company's Muradkhanli fields.


Total Voting Rights


The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the following information following Admission of the Common Shares issued in the Placing.


Read more here: https://www.quotemedia.com/portal/quote?qm_symbol=ZEE%3ACA&qmodStoryID=8400992401612122 

!
Thumb 8020 monitor 200200 2

8020 Admin

16 days ago

8020 Admin posted a press release Increased participation in Norwegian Private Placement in ZENITH ENERGY LTD.

TheNewswire - October 21st, 2019 - Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:ZEN)(TSXV:ZEE)(OSE:ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce the closing of the Private Placement ("Private Placement") on the Merkur Market of the Oslo Stock Exchange first announced to the market on October 21, 2019.


The Company has successfully raised gross proceeds of NOK 9,808,000 (approximately GBP 824,000 or CAD$ 1,403,000) to subscribe for 28,022,857 common shares of no par value in the capital of the Company ("New Common Shares") at a price of NOK 0.35 per New Common Share (approximately GBP0.03 or CAD$0.05).


Payment and issue of the New Common Shares to complete the Private Placement is expected on or around October 23, 2019, and an update will be made upon completion.


The Private Placement has increased in size due to additional investor interest following the Company's first announcement on the morning of October 21, 2019.


As announced on October 21, 2019, Zenith intends to use the net proceeds of the Private Placement to finance the purchase of long lead items and the beginning of civil works required in preparation for planned drilling operations at well M-247 of the Muradkhanli oilfield, as well as for additional general working capital.


The Private Placement is subject to approval from the TSX Venture Exchange and the Oslo Stock Exchange.


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.


Read more here: https://www.quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=6763305043869842 

!
Thumb 8020 monitor 200200 2

8020 Admin

17 days ago

8020 Admin posted a press release Private Placement in Norway in ZENITH ENERGY LTD.

October 21, 2019 - TheNewswire - Calgary, AB - Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:ZEN); (TSXV:ZEE);(OSE:ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce a Private Placement ("Private Placement") on the Merkur Market of the Oslo Stock Exchange.


The Company has successfully raised gross proceeds of NOK 6,133,000 (approximately GBP518,000 or CAD$880,000) to subscribe for 17,522,857 common shares of no par value in the capital of the Company ("New Common Shares") at a price of NOK 0.35 per New Common Share (approximately GBP0.03 or CAD$0.05).


Payment and issue of the New Common Shares to complete the Private Placement is expected on or around October 23, 2019, and an update will be made upon completion.


 


The Private Placement attracted strong interest and support from Norwegian investors.


Zenith intends to use the net proceeds of the Private Placement to finance the purchase of long lead items and the beginning of civil works required in preparation for planned drilling operations at well M-247 of the Muradkhanli oilfield, as well as for additional general working capital.


The Private Placement is subject to approval from the TSX Venture Exchange and the Oslo Stock Exchange.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"The Board of Directors is pleased that we have successfully completed our first Private Placement in Norway following Zenith's listing on the Merkur Market last year.


The Norwegian market has proven extremely favourable for the Company in recent months as we have delivered the first results of our drilling activities, and I am delighted that many existing and new Norwegian investors participated in the Private Placement.


We look forward to the commencement of drilling operations at well C-30 in due course."


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.


Read more here: https://www.quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=5689591262388397 

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8020 Admin

23 days ago

8020 Admin posted a press release Drilling Programme and Well Perforation Activities in ZENITH ENERGY LTD.

Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE;OSE: ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to provide an update on its drilling programme and well perforation activities.


Drilling Programme


The Company has evaluated a number of drilling locations to follow planned drilling operations in well C-30. As previously announced, mobilisation of Zenith's 1,200hp drilling rig to the C-30 well location is expected to take place before the end of October 2019.


As part of its planned future drilling programme, Zenith has identified well M-247, located in the south-western part of the Muradkhanli oilfield, as a highly prospective geological target for well deepening or sidetrack operations targeting the Middle Eocene and Upper Cretaceous formations.


Well M-247 is currently not in production and last produced at a rate of approximately 200 barrels of oil per day in 1990.


The well is located in the proximity of Lake Sarisu and it is expected that a series of civil works will be required to render the location fully accessible during the winter season.


Well Perforation Activities


The Company's geological team in Azerbaijan has identified a number of wells in the Muradkhanli oilfield in which perforations of selected untapped intervals are expected to generate additional oil production.


Zenith expects to begin performing the first perforation activities during the next ten days and will provide updates as the activities progress.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"We are taking all the necessary steps to materially increase our daily production of oil and formulate a clear plan to optimise the execution of our potentially transformational drilling activities. I look forward to providing further information regarding these operations in due course."


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.


Further Information:


Read more here: https://www.quotemedia.com/portal/quote?qm_symbol=ZEE%3ACA&qmodStoryID=8792532509755440 

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