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

28 minutes ago

8020 Admin posted a press release Reduction of Debt in ZENITH ENERGY LTD.

TheNewswire - September 17, 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 provide an update regarding its debt position.


Debt Reduction


The Company is pleased to confirm that it has reduced its short-term debt by approximately US$2,175,000 during the past 14 months.


Loan Facility for US$1,485,000 and accrued interest


As announced on August 5, 2019, the Company was notified by the guarantor of the facility, Mr. Andrea Cattaneo, who serves as Chief Executive Officer of Zenith, that he had received legal advice towards initiating a process of litigation against the lender in view of the fact that his guarantee may have been obtained unlawfully.


The full amount of the principal, and related accrued interest, of the Loan Facility is represented and accounted as a liability in the audited Annual Financial Report of the Company as of March 31, 2019, and most recently in the unaudited Q1 Financial Statements as of June 30, 2019 for a total amount of US$2,080,523.


The result of the potential litigation could be a reduction or cancellation of the liability in relation to the Loan Facility.


The Company can confirm that it has begun negotiations with the lender to settle the liability at a significant discount in consideration of the aforementioned.


Debt Settlement


The Company has agreed to issue 1,245,904 common shares (the "Settlement Shares"), which consist of: (1) 923,323 Settlement Shares at a deemed price of CAD$0.11 (approximately ?0.068) per Settlement Share to settle a debt of 75,213 Swiss Francs owed by the Company; and (2) 322,581 Settlement Shares at a deemed price of CAD$0.052 per Settlement Share (equivalent to approximately ?0.031 per Settlement Share) to settle a debt of ?10,000 owed by the Company (collectively, the "Share Settlements"). The Settlement Shares, issued pursuant to the Share Settlements, will be subject to a four-month hold period under the rules and regulations of the TSX Venture Exchange and applicable Canadian securities laws. The Share Settlements are subject to the acceptance of the TSX Venture Exchange.


Conversion of Convertible Loan Facility


The Company has received a Conversion Notice ("Conversion") from the consortium of lenders (the "Lenders") for the US$1,500,000 Convertible Loan Facility ("Convertible Loan") announced on September 5, 2018.


The Conversion has been made for a total of 5,343,774 common shares (the "Conversion Shares") at a price of ?0.021 per Conversion Share equivalent to a total amount of US$140,000.


Zenith can confirm that the total outstanding liability in relation to the Convertible Loan will now stand at US$560,000 following the Conversion.


On March 11, 2019, the Company announced that it had favourably renegotiated the Convertible Loan to include a fixed conversion price of ?0.0505 ("Fixed Conversion Price") for the Convertible Loan Facility which expired on September 1, 2019.


The Company also announced that it had agreed with the Lenders to amend the terms of the Convertible Loan to include the possibility of optional redemptions (the "Optional Redemption") to be made by the Company in lieu of conversion of the Convertible Loan by the Lenders for set redemption amounts (the "Redemption Amounts") amortised across the duration of the Facility.


Zenith can confirm that it has paid a total of US$600,000 in Optional Redemptions to reduce the total outstanding liability in relation to the Convertible since the aforementioned revised terms were agreed.


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://quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=7779906721652043 

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8020 Admin

8 days ago

8020 Admin posted a press release Successful Drilling Results in ZENITH ENERGY LTD.

September 9, 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 provide an update regarding drilling operations at well C-37 in the Jafarli oilfield.


The Company confirms that the deepening of well C-37 has successfully identified three untapped oil-bearing clastic layers in the Middle Eocene formation with a total net pay zone of approximately 16 metres.


Oil and gas shows recorded during drilling of these intervals have indicated the presence of favourable reservoir facies. Zenith is currently performing a series of wireline logs to enable a detailed evaluation of which intervals to perforate after the well is cased and cemented. Flow rates will be communicated once the well is placed on production.


The Company confirms that it has achieved its second objective of successfully drilling well C-37 to a total depth of 4,350 metres to test the Upper Cretaceous formation. This has evidenced a sequence of clay and carbonate facies which require further evaluation through wireline logs in order to ascertain the presence of possible oil-bearing reservoirs.


Preparatory work at well C-30


In line with Zenith's work programme, and further encouraged by the preliminary results achieved in the Middle Eocene formation of well C-37, the Company can confirm that civil works at well C-30 are expected to begin shortly.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"The first indications we have received from drilling operations at well C-37 are very encouraging. The approximately 16 metres of net pay zone we have identified confirm our confidence in the productivity of the Middle Eocene formation, historically a strong producer across our Azerbaijan asset, and the merits of deepening well C-37 in order to materially increase our daily production of oil.


I am also delighted with the performance of Zenith's service company subsidiary, Zena Drilling, during its first operational activities in Azerbaijan with our recently acquired 1,200hp drilling rig. We expect the speed of execution and efficiency of Zena to progressively optimise as we go forward in implementing our systematic drilling programme in Azerbaijan.


We look forward to completing operations at well C-37, and to communicating flow rates to the market as soon as they are determined."


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://quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=8687801273392267 

!

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:
  • Thumb 8020 monitor 200200 2
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)

Thumb 8020 monitor 200200 2

8020 Admin

28 minutes ago

8020 Admin posted a press release Reduction of Debt in ZENITH ENERGY LTD.

TheNewswire - September 17, 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 provide an update regarding its debt position.


Debt Reduction


The Company is pleased to confirm that it has reduced its short-term debt by approximately US$2,175,000 during the past 14 months.


Loan Facility for US$1,485,000 and accrued interest


As announced on August 5, 2019, the Company was notified by the guarantor of the facility, Mr. Andrea Cattaneo, who serves as Chief Executive Officer of Zenith, that he had received legal advice towards initiating a process of litigation against the lender in view of the fact that his guarantee may have been obtained unlawfully.


The full amount of the principal, and related accrued interest, of the Loan Facility is represented and accounted as a liability in the audited Annual Financial Report of the Company as of March 31, 2019, and most recently in the unaudited Q1 Financial Statements as of June 30, 2019 for a total amount of US$2,080,523.


The result of the potential litigation could be a reduction or cancellation of the liability in relation to the Loan Facility.


The Company can confirm that it has begun negotiations with the lender to settle the liability at a significant discount in consideration of the aforementioned.


Debt Settlement


The Company has agreed to issue 1,245,904 common shares (the "Settlement Shares"), which consist of: (1) 923,323 Settlement Shares at a deemed price of CAD$0.11 (approximately ?0.068) per Settlement Share to settle a debt of 75,213 Swiss Francs owed by the Company; and (2) 322,581 Settlement Shares at a deemed price of CAD$0.052 per Settlement Share (equivalent to approximately ?0.031 per Settlement Share) to settle a debt of ?10,000 owed by the Company (collectively, the "Share Settlements"). The Settlement Shares, issued pursuant to the Share Settlements, will be subject to a four-month hold period under the rules and regulations of the TSX Venture Exchange and applicable Canadian securities laws. The Share Settlements are subject to the acceptance of the TSX Venture Exchange.


Conversion of Convertible Loan Facility


The Company has received a Conversion Notice ("Conversion") from the consortium of lenders (the "Lenders") for the US$1,500,000 Convertible Loan Facility ("Convertible Loan") announced on September 5, 2018.


The Conversion has been made for a total of 5,343,774 common shares (the "Conversion Shares") at a price of ?0.021 per Conversion Share equivalent to a total amount of US$140,000.


Zenith can confirm that the total outstanding liability in relation to the Convertible Loan will now stand at US$560,000 following the Conversion.


On March 11, 2019, the Company announced that it had favourably renegotiated the Convertible Loan to include a fixed conversion price of ?0.0505 ("Fixed Conversion Price") for the Convertible Loan Facility which expired on September 1, 2019.


The Company also announced that it had agreed with the Lenders to amend the terms of the Convertible Loan to include the possibility of optional redemptions (the "Optional Redemption") to be made by the Company in lieu of conversion of the Convertible Loan by the Lenders for set redemption amounts (the "Redemption Amounts") amortised across the duration of the Facility.


Zenith can confirm that it has paid a total of US$600,000 in Optional Redemptions to reduce the total outstanding liability in relation to the Convertible since the aforementioned revised terms were agreed.


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://quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=7779906721652043 

!
Thumb 8020 monitor 200200 2

8020 Admin

8 days ago

8020 Admin posted a press release Successful Drilling Results in ZENITH ENERGY LTD.

September 9, 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 provide an update regarding drilling operations at well C-37 in the Jafarli oilfield.


The Company confirms that the deepening of well C-37 has successfully identified three untapped oil-bearing clastic layers in the Middle Eocene formation with a total net pay zone of approximately 16 metres.


Oil and gas shows recorded during drilling of these intervals have indicated the presence of favourable reservoir facies. Zenith is currently performing a series of wireline logs to enable a detailed evaluation of which intervals to perforate after the well is cased and cemented. Flow rates will be communicated once the well is placed on production.


The Company confirms that it has achieved its second objective of successfully drilling well C-37 to a total depth of 4,350 metres to test the Upper Cretaceous formation. This has evidenced a sequence of clay and carbonate facies which require further evaluation through wireline logs in order to ascertain the presence of possible oil-bearing reservoirs.


Preparatory work at well C-30


In line with Zenith's work programme, and further encouraged by the preliminary results achieved in the Middle Eocene formation of well C-37, the Company can confirm that civil works at well C-30 are expected to begin shortly.


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:


"The first indications we have received from drilling operations at well C-37 are very encouraging. The approximately 16 metres of net pay zone we have identified confirm our confidence in the productivity of the Middle Eocene formation, historically a strong producer across our Azerbaijan asset, and the merits of deepening well C-37 in order to materially increase our daily production of oil.


I am also delighted with the performance of Zenith's service company subsidiary, Zena Drilling, during its first operational activities in Azerbaijan with our recently acquired 1,200hp drilling rig. We expect the speed of execution and efficiency of Zena to progressively optimise as we go forward in implementing our systematic drilling programme in Azerbaijan.


We look forward to completing operations at well C-37, and to communicating flow rates to the market as soon as they are determined."


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://quotemedia.com/portal/quote/?qm_symbol=ZEE%3ACA&qmodStoryID=8687801273392267 

!