Canada’s Zenith gets nearly $2M from Azerbaijani assets
Baku, Azerbaijan, June 29
By Leman Zeynalova – Trend:
The revenues of Canada’s Zenith Energy from Azerbaijani assets from Aug.11, 2016 to Apr.1, 2017, have exceeded $1.96 million, reads a message on the company’s website.
Zenith Energy is the operator of Azerbaijan’s largest onshore block of oil fields Muradkhanli-Jafarli-Zardab.
On August 11, 2016 the handover of the Azerbaijan assets was formally completed and Zenith commenced crude oil production of approximately 275 barrels of oil per day in Azerbaijan, according to the message.
“The acquisition of the assets in Azerbaijan was reflected in an immediate accretion of the oil gross revenues of CAD$2,560,000 for the period from August 11 to March 31, 2017,” said the company.
During the reporting period, Zenith sold 65,432 barrels of oil from its producing assets in Azerbaijan.
“The company has a very prosperous journey ahead with an opportunity to significantly increase our oil production revenues and thereby enhance our market capitalization as we progress with the field rehabilitation, development and exploration of the largest onshore oilfield in Azerbaijan,” said, Zenith CEO Andrea Cattaneo.
He noted that the company's primary objective is to achieve incremental oil production increases in Azerbaijan.
“Our oil production target of 1,000 barrels per day by March 31, 2018 should project Zenith towards a mid-tier market capitalization. I have full confidence that our systematic program of field rehabilitation, begun in February 2017, will achieve this target and I am very excited about our journey ahead,” added Cattaneo.
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