REG - Zenith Energy Ltd - Publication of Half-Year Results

Zenith Energy (CA)Announcement

29/12/2023 12:15

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RNS Number : 2343Y  Zenith Energy Ltd  29 December 2023

December 29, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publication of Half-Year Results

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTCQB:
ZENAF), the listed international energy production and development company
with a focus on opportunities in Central Asia and the USA, is pleased to
publish its consolidated half-yearly unaudited financial results for the six
months ended September 30, 2023 (the "Interim Results").

The Interim Results will shortly be published on the Company's website
(www.zenithenergy.ca (http://www.zenithenergy.ca) ) and filed on the FCA
National Storage Mechanism.

A copy of the Interim Results can be viewed in full here:

http://www.rns-pdf.londonstockexchange.com/rns/2343Y_1-2023-12-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2343Y_1-2023-12-29.pdf)

Highlights

Highlights for the six months ended September 30, 2023, include the following:

·      The Group generated revenues from oil and natural gas of
CAD$1,362k (2022 - CAD$11,571k).

·      During the six months ended September 30, 2023, the Company
produced 1,789 barrels of oil from its Tunisian assets (2022 - 90,591 barrels)

·      During the six months ended September 30, 2023, the Company sold
Nil barrels of oil produced from its Tunisian assets (2022 - 79,223 barrels)

·      During the six months ended September 30, 2023, the Company sold
4,350 MWh of electricity produced from its Italian assets (2022 - 5,309 MWh).

·      During the six months ended September 30, 2023, the Company sold
5,190 mcf of natural gas produced from its Italian assets (2022 - 5,623 mcf).

·      During the six months ended September 30, 2023, the Company sold
120 barrels of condensate produced from its Italian assets (2022 - 173).

 

Luca Benedetto, Chief Financial Officer of Zenith, commented:

"Zenith Energy has undergone a significant degree of transition during the
year because of the unforeseen need to initiate the Tunisian arbitrations and
our strategic decision to withdraw from jurisdictions where we had previously
directed business development efforts. However, the decisive action taken by
the Board to safeguard the Company's commercial interests will ensure that
Zenith Energy is fully compensated for the damage it has sustained in Tunisia.

Similarly, the potentially transformational reserves obtained by way of the
acquisition of Devonian Petroleum in Kazakhstan, to be complemented by
acquisitions to be finalized in the USA during 2024, will provide the
foundations for our long-term development and commercial success."

 

Further Information:

 Zenith Energy Ltd

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

                                              E:       info@zenithenergy.ca
 Allenby Capital Limited - Financial Adviser  Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams

 

Notes to Editors:

 

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

 

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)

 

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