Zenith Energy Ltd.
12.3.2024 19:18:25 CET | ACCESS Newswire | Press release
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
Fermi and Hillcore Energy Capital Announce 2.6 Gigawatt Power Strategic Alliance for Project Matador11.8.2026 23:15:00 CEST | Press release
Doubles Fermi power to market to 4.8 gigawatts (GW) over the next ~30 months Build-Own-Operate-Transfer structure accelerates one of America's largest AI campus power programs - with no capital outlay by Fermi DALLAS, TX / ACCESS Newswire / August 11, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), announced the execution of a framework agreement with Hillcore Energy Capital Corporation ("Hillcore") under which Hillcore will finance, build, own and operate the Hillcore Power Center, an approximately 2.6 GW power complex at Fermi's Project Matador campus in Carson County, Texas, under a Build-Own-Operate-Transfer (BOOT) structure. The Hillcore Power Center will comprise approximately 2.5 GW of natural gas-fired generation, developed in phases, together with approximately 100 megawatts (MW) of solar generation and battery energy storage. Construction of the first power block, approximately 350 MW, will begin on execution of definitive ag
ePropelled to Increase Manufacturing Footprint with $60 Million in U.S. Government Funding to Strengthen U.S. Drone Propulsion Supply Chain11.8.2026 13:00:00 CEST | Press release
Expansion Increases Manufacturing Capacity by 4X and Positions ePropelled as a Leading Domestic Supplier of Advanced Dual-Use Electric Propulsion Systems COVENTRY, UK / ACCESS Newswire / August 11, 2026 / ePropelled, a leading U.S. manufacturer of advanced electric propulsion systems for uncrewed aerial vehicles, aerospace, defense, and commercial applications, today announced a major expansion of its manufacturing operations, increasing its production footprint from 20,000 square feet to 80,000 square feet. The expansion is supported by $60 million in government funding through the Department of War's Industrial Base Analysis and Sustainment program, reinforcing the nation's commitment to strengthening domestic manufacturing of mission-critical drone technologies and advanced dual-use propulsion systems. The expanded facility will increase ePropelled's propulsion system production capacity by more than 4X, enabling the company to meet rapidly growing demand from U.S. government progra
ePropelled to Increase Manufacturing Footprint with $60 Million in U.S. Government Funding to Strengthen U.S. Drone Propulsion Supply Chain11.8.2026 13:00:00 CEST | Press release
Expansion Increases Manufacturing Capacity by 4X and Positions ePropelled as a Leading Domestic Supplier of Advanced Dual-Use Electric Propulsion Systems COVENTRY, UK / ACCESS Newswire / August 11, 2026 / ePropelled, a leading U.S. manufacturer of advanced electric propulsion systems for uncrewed aerial vehicles, aerospace, defense, and commercial applications, today announced a major expansion of its manufacturing operations, increasing its production footprint from 20,000 square feet to 80,000 square feet. The expansion is supported by $60 million in government funding through the Department of War's Industrial Base Analysis and Sustainment program, reinforcing the nation's commitment to strengthening domestic manufacturing of mission-critical drone technologies and advanced dual-use propulsion systems. The expanded facility will increase ePropelled's propulsion system production capacity by more than 4X, enabling the company to meet rapidly growing demand from U.S. government progra
AI/ML Innovations' Subsidiary NeuralCloud Achieves ISO 13485:2016 (MDSAP) Certification11.8.2026 13:00:00 CEST | Press release
Quality Management System Certification Strengthens NeuralCloud's Regulatory Readiness for ECG Software-as-a-Medical-Device Platform TORONTO, ON / ACCESS Newswire / August 11, 2026 / AI/ML Innovations Inc. ("AIML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a company advancing artificial intelligence and neural-network-based technologies for digital health, is pleased to announce that its wholly owned subsidiary, NeuralCloud Solutions Inc. ("NeuralCloud"), has achieved ISO 13485:2016 certification under the Medical Device Single Audit Program ("MDSAP") for its quality management system. The certification, issued by TÜV USA, Inc., applies to NeuralCloud's quality management system for the design, development, production, and distribution of Software as a Medical Device ("SaMD") for ECG analysis, including advanced PQRST waveform delineation, interval computation, arrhythmia analytics, signal quality scoring, and artifact reporting. ISO 13485 is the internationally recognized qu
RollerAds Launches a Full-Cycle Ad Platform with Traffic, Offers, and Monetization in One Workspace11.8.2026 11:30:00 CEST | Press release
The updated platform unifies campaign management, CPA offers, and website monetization within a single dashboard to help users manage affiliate marketing activities more efficiently from one place. LIMASSOL, CY / ACCESS Newswire / August 11, 2026 / RollerAds announced the official launch of its new full-cycle advertising platform, designed to simplify digital advertising workflows by bringing the entire process into a single workspace. The new platform is now live at my.rollerads.com following several months of open beta testing and product refinement based on user feedback. "Our goal was to make affiliate marketing management simpler and more efficient," said Pierre Bertin, Head of International Business Development at RollerAds. "With the new platform, users can work with campaigns, CPA offers, and monetization tools in one dashboard without switching between multiple accounts or services." One dashboard for the entire advertising workflow The new RollerAds platform allows users to m
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