Zenith Energy close to receiving funds in Canada for drilling operations in Azerbaijan

Oil&Gas Materials 9 April 2019 09:30 (UTC +04:00)

Baku, Azerbaijan, April 9

By Leman Zeynalova – Trend:

Canada’s Zenith Energy Company, operator of Muradkhanli-Jafarli-Zardab oil fields onshore Azerbaijan, has received conditional approval from the TSX Venture Exchange, a stock exchange in Canada (TSX-V) for the issue of equity in Canada announced on April 2, 2019, Trend reports referring to a message from Zenith.

The Company can confirm that the common shares associated with the Canadian Financing were issued on April 5, 2019 following submission of the necessary documentation.

The Canadian Financing remains subject to final approval from the TSX-V.

The capital raised will be invested directly into the company’s drilling operations in Azerbaijan.

In 2016 Zenith entered into a twenty-five year REDPSA (Rehabilitation, Exploration, Development and Production Sharing Agreement) with SOCAR (State Oil Company of the Azerbaijan Republic), granting Zenith an 80 percent participating interest in current and future production.

Muradkhanli is the largest and most productive of Zenith’s three contingent fields, located in the Aran region of Azerbaijan, 30 kilometers south from the town of Kurdamir.

Zardab is the least developed of Zenith’s three contingent oilfields in Azerbaijan. Zardab borders the north-west flank of the Muradkhanli oilfield, on the banks of the Kura river, 7 km south-eastwards from the city of Zardab, and occupies an area of approximately 100 square kilometers.

Jafarli is the smallest of Zenith’s three fields and is located 7 kilometers south-east of the town of Zardab.


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