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
GA-ASI's UK and Japan MQ-9B Programs Are Honored With Excellence Awards from Aviation Week24.3.2026 20:00:00 CET | Press release
GA-ASI Wins 2 of the 9 Awards Presented SAN DIEGO, CA / ACCESS Newswire / March 24, 2026 / General Atomics Aeronautical Systems, Inc. (GA-ASI) was named the winner of two awards during Aviation Week's 21st annual Program Excellence Awards last week. GA-ASI's United Kingdom (UK) Protector Program was given the Special Projects Award, while its Japan COCO (Company-Owned, Company-Operated) Program won in the category of OEM System Sustainment. "We're excited that these two important MQ-9B international programs have been recognized by Aviation Week," said GA-ASI CEO Linden Blue. "We're fortunate to have an incredible team of employees whose dedication and commitment to our customers is truly remarkable." MQ-9B is GA-ASI's most advanced Remotely Piloted Aircraft (RPA) system and includes the SkyGuardian® and SeaGuardian® models, as well as the UK's Protector RG Mk1. In 2025, GA-ASI achieved the first-ever Military Type Certificate (MTC) for the Royal Air Force's (RAF) Protector RG Mk1, pas
Professional Services Firms Bet Big on AI but Skills Gaps Are Holding Them Back, General Assembly Survey Finds24.3.2026 14:00:00 CET | Press release
Most firms have had to abandon at least one AI initiative due to a lack of skills in the past year NEW YORK, NY / ACCESS Newswire / March 24, 2026 / Most professional services firms (61%) have had to abandon at least one AI initiative in the past year due to a lack of internal skills, with more than a third (35%) abandoning multiple initiatives, according to new research from General Assembly, the global leader in practical AI skills training and an LHH company. "Professional services firms face a capability paradox," said Ash Khanna, Head of Professional Services at General Assembly. "AI can accelerate output, but it can't replace the judgment that comes from doing the hard work. We're seeing junior talent generate recommendations faster than ever, but struggle to defend the reasoning behind them. Firms must invest in the durable human skills that make AI output credible and defensible. Upskilling can't be an afterthought; it has to be as central to a firm's AI strategy as the technol
Innodata Announces Date of Annual Shareholder Meeting24.3.2026 13:30:00 CET | Press release
NEW YORK, NY / ACCESS Newswire / March 24, 2026 / INNODATA INC. (Nasdaq:INOD) today announced that its 2026 annual meeting of shareholders is scheduled for Thursday, June 4, 2026, at 5:00 PM eastern time. The meeting will be held virtually. Shareholders of record as of the close of business on April 8, 2026 will be eligible to vote at the annual meeting. About Innodata Innodata (Nasdaq: INOD) is a global data engineering company. We believe that data and Artificial Intelligence (AI) are inextricably linked. Our mission is to enable the responsible advancement of artificial intelligence by providing the data, evaluation frameworks, and human expertise required to build AI systems that can be trusted at scale. We provide a range of transferable solutions, platforms, and services for Generative AI / AI builders and adopters. In every relationship, we honor our 36+ year legacy delivering the highest quality data and outstanding outcomes for our customers. Visit www.innodata.com to learn mo
USPA Global and ESPN Expand Relationship with Chris Fowler for 2026 High-Goal Polo Championships24.3.2026 12:00:00 CET | Press release
USPA Gold Cup and U.S. Open Polo Championship Finals to Air on ESPN2 WEST PALM BEACH, FL / ACCESS Newswire / March 24, 2026 / Global Polo, the entertainment subsidiary of USPA Global, continues its historic relationship with ESPN to showcase the sport of polo, which has expanded its reach to millions of households worldwide. The landmark relationship includes legendary ESPN commentator Chris Fowler hosting the USPA Gold Cup® Final on Mar. 29 for the first time, and the U.S. Open Polo Championship® Final on Apr. 26 for the second year, at the USPA National Polo Center in Palm Beach County, Florida, alongside veteran broadcasters Kenny Rice and Polo Hall-of-Famer Adam Snow.Legendary ESPN Commentator, Chris Fowler, at the USPA National Polo Center in Palm Beach County, Florida Photo Credit: Alex Pacheco "I've had the privilege of covering some of the most iconic events in sports, and what continues to draw me back to the sport of polo is the unique partnership between the polo player and
IXOPAY and Zip US Introduce Unified Trust Layer Framework to Help Merchants Reduce Risk in Agentic Commerce24.3.2026 11:00:00 CET | Press release
Open, Collaborative Initiative to Establish Identity, Preserve Intent, and Make Trust Measurable in AI-Initiated Commerce LEHI, UT AND NEW YORK, NY / ACCESS Newswire / March 24, 2026 / IXOPAY, the enterprise-grade global payment infrastructure platform built for the era of agentic commerce, and Zip, the digital financial services company offering innovative, people-centred products, today announced a joint initiative to define a Unified Trust Layer - an open industry framework designed to address emerging trust and liability challenges in agent-initiated commerce and payments. Agentic commerce introduces a structural shift in payments. Traditional infrastructure was built around a four-party risk model - consumer, merchant, issuing bank, and acquiring bank - with the assumption that a human initiated the transaction. As AI agents begin acting autonomously, that model no longer holds. Payment systems were not designed to consistently preserve identity, intent, and context in a machine-v
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