REG - Zenith Energy Ltd - Publication of 2023 FY annual audited report

Zenith EnergyAnnouncement

31/07/2023 11:45

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RNS Number : 7538H  Zenith Energy Ltd  31 July 2023

July 31, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publication of 2023 FY annual audited report

Zenith Energy Ltd.   (LSE: ZEN; OSE: ZENA), the international energy
production and development company, is pleased to publish its independently
audited financial results for the financial year ended March 31, 2023 (the
"Annual Report").

 

The Annual Report can be viewed
here: http://www.rns-pdf.londonstockexchange.com/rns/7538H_1-2023-7-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7538H_1-2023-7-31.pdf)

A copy of the Annual Report will also be made available for review on the
Company's website: www.zenithenergy.ca

Key Highlights

During the financial year ended March 31, 2023, the Group:

 

·    The Group generated revenues from oil and natural gas of CAD$13,159k
(2022 - CAD$8,239k)

·    As of March 31, 2023, inventory consists of CAD$6,448k (2022 -
CAD$5,690k) related to 116,391 barrels of crude oil that has been produced but
not yet sold in Tunisia.

·    The Company sold 177,246 mcf of natural gas from its Italian assets,
as compared to 131,556 mcf of natural gas in the 2022 similar period.

 

Andrea Cattaneo, Chief Executive Officer, commented:

 

"The results for the 2023 FY represent the highest revenue generation recorded
by the Company during its history. This is a significant achievement made
possible, inter alia, by the exceptional energy pricing climate during the
period, specifically in Italy where profitability margins have been
unprecedented.

It is also important to underline that administrative expenses have been
reduced materially, with a decrease of approximately 30 percent in comparison
to the 2022 FY.

Zenith has newly embarked on an exciting acquisition campaign, with multiple
potential acquisition opportunities currently under review across different
geographies. It is the Board's intention to build on the progress achieved
during the 2023 FY to maximise revenue generation and profitability in the
interests of the Company's successful long-term development."

 

 

-ENDS-

 

Further Information:

 Zenith Energy Ltd


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

                                               E:  info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 BlytheRay - Financial PR/IR                   Tel: +44 207 138 3204

 Tim Blythe, Megan Ray, Matt Bowld             E:  zenith@blytheray.com (mailto:zenith@blytheray.com)

 Allenby Capital Limited - Financial Adviser   Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams
 Miriad Limited - Media Enquiries              Tel: +44 7867527659

 Zak Mir                                       E: zak@zakmir.com (mailto:zak@zakmir.com)

 

Notes to
Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in Africa, the Middle East and
Europe, including electricity generation in Italy. The Company is listed on
the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of
the Oslo Stock Exchange (OSE: ZENA).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

For more information, please visit:  www.zenithenergy.ca
(http://www.zenithenergy.ca)

Twitter: @zenithenergyltd

LinkedIn:  https://bit.ly/3A5PRJb (https://bit.ly/3A5PRJb)

 

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.

 

 

 

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