Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Zenith Energy Ltd    CIL   CA98936C1068

ZENITH ENERGY LTD (CIL)
Mes dernières consult.
Most popular
  Report  
SummaryChartsNewsCalendarCompanyFinancialsRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
The feature you requested does not exist. However, we suggest the following feature:

Zenith Energy : Workover rig operated by Team B moves to well M 45

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/09/2017 | 04:50pm CEST

Release date- 08062017 - Calgary, Alberta - Zenith Energy Ltd. ('Zenith' or the 'Company') (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company, is pleased to announce that, after completing successful sidetrack operations at well M-195, the local drilling contractor operating as 'Team B' has been assigned the task of completing the workover of well M-45.

'Team A', comprised of the Company's field personnel and operating Zenith's workover rig, will leave the well M-45 location and engage in a series of systematic pump replacement and repair operations at a number of wells. These pump replacement activities have already generated increased production, as announced by Zenith on April 10, 2017, and are expected to yield further incremental production increases as and when they are completed.

It has been determined that a more powerful workover rig, such as that operated by Team B, will more effectively complete the workover of M-45. Team A has successfully cleaned this well to 3568 meters. Team B will remove the remaining 162 meters of tubing, subsequently re-perforate the casing at the producing level and possibly perform an acid stimulation and/or hydraulic fracturing of the Cretaceous reservoir to improve the well's productivity.

In addition, the Company has decided to install an Electric Submersible Pump ('ESP') at well M-45 in order to further stimulate production which had been flowing due to the natural pressure of the reservoir.

As stated in the Company's announcement of April 18, 2017, well M-45 was drilled in 1980 and placed on production in July 1981 at rates varying between 74 and 86 barrels of oil per day. Production had decreased to approximately 1.5 barrels per day in early 2017 due to tubing problems.

The Company will make an announcement when workover operations at well M-45 have been completed.

Zenith CEO, Andrea Cattaneo, commented: 'Zenith's focus now turns to maximise the potential success of operations at well M-45 following the recent success of the sidetrack at well M-195. It is clear that the Zenith engine has had a slow start but is now gradually firing up cylinder by cylinder. The reasons for the Company's measured approach have been our low-cost model and the Company's aversion towards high operational expenditure. It is, however, also clear that as the positive results of our operations grow more apparent, the Company shall gradually increase its CAPEX in order to achieve its oil production objectives more quickly.

Now that Zenith has enhanced its technical and management skillset with the appointment of a highly experienced Chief Operating Officer ('COO') in Azerbaijan, the Company intends to make similar efforts towards upgrading its equipment. I am pleased to report that Zenith is in advanced negotiations for the renting of a second workover rig with similar specifications to that employed by Team B at M-195.

I am confident that the arrival of Team B's more powerful rig at M-45 will significantly accelerate the pace of operations at this well.'

Contact:

Andrea Cattaneo

President

Zenith Energy Ltd.

Tel: +1 (587) 315 9031

Fax: +1 (403) 775 4474

Email: [email protected]

(c) 2017 Electronic News Publishing -, source ENP Newswire

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ZENITH ENERGY LTD
05/25ZENITH ENERGY : Canadian Zenith Energy announces start date of drilling onshore ..
AQ
05/25ZENITH ENERGY : Signing of Non-Convertible Loan Facility
AQ
05/21ZENITH ENERGY : Filing of 2018 CPR and Release of New Investor Presentation
AQ
05/21ZENITH ENERGY : in talks for contracting rig to complete well workover onshore A..
AQ
05/21ZENITH ENERGY : Canada’s Zenith to increase number of wells in Azerbaijani..
AQ
05/19ZENITH ENERGY : Operational Update and Record Oil Production Revenue
AQ
05/18ZENITH ENERGY : Operational Update and Record Oil Production Revenue
AQ
05/18ZENITH ENERGY : record revenue from Azerbaijan assets in April
AQ
05/18ZENITH ENERGY : Canadian company announces record revenue from operations in Aze..
AQ
05/10ZENITH ENERGY : to consider possibility of deepening well onshore Azerbaijan
AQ
More news
Financials ( CAD)
Sales 2018 9,80 M
EBIT 2018 2,10 M
Net income 2018 -
Finance 2018 1,40 M
Yield 2018 -
P/E ratio 2018 0,66
P/E ratio 2019 1,04
EV / Sales 2018 1,64x
EV / Sales 2019 -0,05x
Capitalization 17,5 M
Chart ZENITH ENERGY LTD
Duration : Period :
Zenith Energy Ltd Technical Analysis Chart | CIL | CA98936C1068 | 4-Traders
Income Statement Evolution
Managers
NameTitle
Andrea Cattaneo President, CEO & Non-Independent Director
Jose Ramon Lopez-Portillo Chairman
Luca Benedetto Chief Financial Officer
Luigi Regis Milano Non-Independent Director
Dario E. Sodero Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ZENITH ENERGY LTD-31.25%13
CONOCOPHILLIPS24.70%80 091
CNOOC LTD16.93%77 366
EOG RESOURCES13.97%69 452
OCCIDENTAL PETROLEUM CORPORATION15.84%64 217
CANADIAN NATURAL RESOURCES LIMITED7.21%43 696