Zenith Energy’s capex on Azerbaijani assets down

Oil&Gas Materials 3 November 2020 11:31 (UTC +04:00)
Zenith Energy’s capex on Azerbaijani assets down

BAKU, Azerbaijan, Nov.3

By Leman Zeynalova – Trend:

Capital expenditures of Canadian Zenith Energy on its Azerbaijani assets stood at CAD $696,000 in the financial year 2020 (up to March 31, 2020) as compared to CAD $719,000 in FY 2019, Trend reports with reference to the company’s updated data.

Total liabilities equaled to CAD $5,330,000 in FY 2020, versus CAD $492,92,000 in the same period of 2019.

Loss on discontinued operations amounted to CAD $580,633,000 in FY 2020, compared to CAD $2,090,000 in FY 2019.

In view of Zenith's strategic focus on pursuing large-scale oil production and development opportunities in Africa, the company earlier decided to hand over the Contract Rehabilitation Area for Muradkhanli-Jafarli-Zardab block of fields to Azerbaijan’s state oil company SOCAR.

Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company signed a REDPSA in March 2016 for a block that includes the Muradkhanli, Jafarli and Zardab oil fields. Zenith Energy Ltd established its subsidiary company Zenith Aran Oil Company Ltd for production operations in these three fields. Production under the agreement began in August 2016.

The total area of the Muradkhanli, Jafarli and Zardab fields is 642.2 square kilometers, and according to the contract, it is divided into rehabilitation and exploration territories.

The Muradkhanli-Jafarli-Zardab block is located in the Yevlakh-Agjabadi oil and gas region of Imishli district of Azerbaijan. The Muradkhanli field was discovered in 1971, Jafarli - in 1984, and Zardab - in 1981.


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