Zenith Energy Ltd.
CALGARY, AB / ACCESSWIRE / March 12, 2024 / Zenith Energy Ltd. ("Zenith" or the "Company") (LSE:ZEN)(OSE:ZENA)(OTCQB:ZENAF), the listed international energy production and development company, is pleased to announce the full completion of an acquisition in Italy, as well as providing an update on its Italian energy production portfolio.
Acquisition of additional stake in Sant'Andrea natural gas production concession ("Sant'Andrea")
The Company is pleased to announce that it has acquired, and received the necessary final regulatory approvals, for the acquisition of an additional 10% interest in Sant'Andrea (the "Acquisition") from Petrorep Italiana S.R.L. ("Petrorep").
Following completion of the Acquisition, Zenith's 40% interest in Sant'Andrea has increased to 50%.
As previously announced, the Company plans to reactivate the S. Antonio-1 well located in Sant'Andrea, with an expected initial production rate of approximately 1,500 cubic metres of natural gas per day.
Under the terms of the acquisition, Petrorep has paid Zenith's Italian subsidiary the amount of EUR 248,000 (approximately GBP 212,000 or NOK 2,850,000) to cover its share of future plugging and abandonment costs calculated pro rata based on its participation in Sant'Andrea.
The Company is confident that production from Sant'Andrea will commence in October 2024.
Zenith's partners in Sant'Andrea have communicated that they do not intend to fund the costs associated with its reactivation. Zenith will therefore receive full entitlement to the production revenue to be received from Sant'Andrea, as well as bearing the full costs associated with the reactivation of production, estimated in the amount of EUR 20,000.
Italian Electricity Production - Torrente Cigno Concession ("Torrente Cigno")
The Company continues to generate electricity at the Torrente Cigno with an average monthly production of approximately 950 megawatt hours ("MWh").
Electricity prices averaged approximately EUR 96 per MWh during January 2024 and averaged approximately EUR 84 during the month of February 2024, resulting in cumulative net revenues of approximately EUR 171,000 for the period.
Zenith's current net production costs remain fixed at approximately EUR 35,000 per month.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to have increased our participation in Sant'Andrea which we hope to bring to production later this year, creating an additional revenue stream for the Company.
I am pleased to report that the Company is currently evaluating a potentially significant additional acquisition in Italy, and I look forward to providing updates in due course if negotiations prove successful."
Further Information:
Zenith Energy Ltd | Tel: +1 (587) 315 1279 |
Allenby Capital Limited - Financial Adviser | Tel: + 44 (0) 203 328 5656 |
Notes to Editors:
Zenith Energy Ltd. is a revenue generating, independent energy company with energy production, exploration and development assets in North Africa, the US and Europe. 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
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
SOURCE: Zenith Energy Ltd.
View the original press release on accesswire.com
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Clean Air Metals Drilling Confirms Down-Plunge Extension of the Escape Deposit20.10.2025 13:00:00 CEST | Press release
THUNDER BAY, ON / ACCESS Newswire / October 20, 2025 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSX.V:AIR)(FRA:CKU)(OTCQB:CLRMF) is pleased to announce that its 2025 summer drilling program at the Company's 100%-owned Thunder Bay North Critical Minerals Project ("TBN") has confirmed the continuation of the Escape Deposit into a previously untested 2.5 km long magnetic anomaly that connects to the known mineral resources. The single hole completed during this program intersected high-tenor sulphide mineralization having comparable thickness and metal grades to the existing Escape Deposit resource. Given its significant size, the Escape down-plunge target represents the highest potential resource addition opportunity for the TBN project. Assay highlights from hole EL25-001: 53 m of 0.52 g/t Pt, 0.69 g/t Pd, 0.26% Cu and 0.17% Ni(from 404 m downhole, including 0.84 g/t Pt, 1.12 g/t Pd, 0.41% Cu and 021% Ni over 22 m from 411 m, and 1.08 g/t Pt, 1.41 g/t Pd, 0.52% Cu an
Innodata to Report Third Quarter 2025 Results16.10.2025 14:30:00 CEST | Press release
NEW YORK, NY, AL / ACCESS Newswire / October 16, 2025 / INNODATA INC. (Nasdaq:INOD) today announced that it will report Third Quarter 2025 results after the market closes on Thursday, November 6, 2025. A news release will be available in both the News and Investor Relations sections of the Innodata website, www.innodata.com. Innodata has scheduled an investor conference call for 5:00 PM Eastern time on that same day. The call-in numbers for the conference call are: (+1) 800 549 8228 North America (+44) 800 279 7040 United Kingdom (+1) 289 819 1520 International Participant Access Code 42719 # Investors are also invited to access a live Webcast of the conference call at the Investor Relations section of Innodata's website at https://investor.innodata.com/events-and-presentations/. Please note that the Webcast feature will be in listen-only mode. Call-in replay will be available for seven days following the conference call, and Webcast replay will be available for 30 days following the c
Karbon-X Corp. Reports Q1 2026 Revenue Growth and Strengthened Financial Position16.10.2025 14:00:00 CEST | Press release
Revenue reached $35.7 million, marking a 27,883% year-over-year increase driven by accelerated trading activity, and the continued expansion of Karbon-X's global carbon operations. CALGARY, AB / ACCESS Newswire / October 16, 2025 / Karbon-X Corp. (OTCQX:KARX) ("Karbon-X" or "the Company"), a vertically integrated climate solutions company, today announced financial results for the first quarter ended August 31, 2025, marking record revenue growth and continued execution of its strategic plan. The full filing is available under the Company's profile on OTC Markets at www.otcmarkets.com/stock/KARX/overview Karbon-X's Q1 2026 results underscore its accelerating growth trajectory and strong execution across all areas of its business. Q1 2026 Highlights Revenue Growth Karbon-X delivered transformational top-line growth as its carbon trading operations scaled globally. Revenue reached $35.7 million, up 27,883% year-over-year compared to $127,429 in Q1 2025. Growth was driven by the successfu
RelyEZ Unveils VentureEdge 800: Next-Generation 800 V AC Energy Storage System Tailored for Europe16.10.2025 08:20:00 CEST | Press release
BRUSSELS, BE / ACCESS Newswire / October 16, 2025 / RelyEZ Energy Storage proudly announces the launch of its latest innovation, VentureEdge 800, a next-generation 800 V AC battery energy storage system (BESS) designed to meet Europe's evolving grid requirements. The launch coincides with RelyEZ's participation as a Gold Sponsor at the Energy Storage Global Conference (ESGC 2025) in Brussels, underscoring its commitment to supporting the region's clean energy transition with cutting-edge, bankable storage technologies. A New Standard for European Grid Compatibility Across Europe, most PV and wind installations operate on 0.8 kV/15 kV transformer infrastructure, while conventional 0.4 kV PCS systems require additional step-up transformers - increasing cost, space, and energy loss. VentureEdge 800 eliminates this layer entirely, offering direct 800 V AC connectivity for seamless integration with existing assets. This forward-looking design translates into: 5-15 % CAPEX savings through re
Owkin Launches K Pro: The First Agentic AI Co-Pilot for Biopharma Powered by Biological Reasoning Models16.10.2025 07:00:00 CEST | Press release
Enterprise platform, queried through natural language, to help pharma, biotech, and investors make better decisions. High-quality biological patient data, enriched and integrated for use by AI agents. PARIS, FRANCE, GB / ACCESS Newswire / October 16, 2025 / Owkin today announces the launch of K Pro, its co-pilot bringing advanced agentic AI to biomedical research and drug development. K Pro helps pharmaceutical companies and biotechs make smarter decisions across the discovery and development pipeline, increase clinical success rates, and deliver decision-grade, data-driven biological insights fast enough to change program trajectories.Owkin K Pro Owkin K Pro - the Agentic AI Co-Pilot for Biopharma Built on a decade of Owkin's AI innovation and in close collaboration with leading academic and industry partners, K Pro is a scientist-first co-pilot, accessible to both researchers and executives. Through natural language interaction, users can ask complex biological questions and receive
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom