REG - Zenith Energy Ltd - Lifting of Tunisian production - US$6.4 million

Zenith Energy (CA)Announcement

22/04/2022 09:00

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RNS Number : 0415J  Zenith Energy Ltd  22 April 2022

April 22, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Lifting of crude oil production from Tunisia - US$6.4 million

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the
listed international energy production and development company, is pleased to
announce that an international crude lifting of approximately 62,000 barrels
of oil has successfully been concluded at a price of approximately US$103 per
barrel for production from its 45% interest in the Ezzaouia concession, as
well its 100% interest in the El Bibane and Robbana concessions.

Total receivables from the sale are expected to be approximately US$6.4
million and are to be paid during the month of May 2022.

A second international crude lifting for a quantity of at least approximately
52,000 barrels of oil produced from the Company's 22.5% working interest in
the Sidi El Kilani concession (onshore Tunisia) is expected to take place in
June 2022.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are extremely pleased to have sold our production in the current very
favourable oil price environment, registering a significant improvement over
our first sale of Tunisian crude announced on July 8, 2021.

We shall use the proceeds to further strengthen our investment in the
development of our Tunisian portfolio in close cooperation with our partners,
having the objective of increasing our daily in-country net production to a
level of 1,000 bopd by way of workover and drilling activities to be performed
in the months ahead in the Ezzaouia and Robbana concessions.

The performance of our energy production activities in Italy and Tunisia gives
Zenith unprecedented financial security and the required operating cash flow
to successfully deliver on our operational and business development strategy
across the portfolio."

Further Information:

 Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer  Tel: +1 (587) 315 1279

                                            E:  info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 Alternative Resource Capital - Broker

Alex Wood                                 Tel: +44 (0) 207 186 9004

 Keith Dowsing                              Tel: + 44 (0) 207 186 9005

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

Notes to Editors:

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

Zenith's development strategy is to identify and rapidly complete
value-accretive hydrocarbon production opportunities in the oil & gas
sector, specifically in Africa.

Follow us on
LinkedIn:  https://www.linkedin.com/company/zenith-energy-limited/
(https://www.linkedin.com/company/zenith-energy-limited/)

 

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