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 Announces Appointment of John Mason as Director15.9.2025 13:00:00 CEST | Press release
THUNDER BAY, ON / ACCESS Newswire / September 15, 2025 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSX.V:AIR)(FRA:CKU)(OTCQB: CLRMF) is pleased to announce the appointment of John Mason, D.Sc., P.Geo., as Director of the Company effective immediately. John Mason is a professional geoscientist with 49 years of experience in mineral exploration and mining in Northern Ontario. Mr. Mason's work experience includes management positions with the Ontario Ministry of Northern Development and Mines (NDMNRF) and Thunder Bay Community Economic Development Commission, before starting John Mason and Associates. John Mason has worked with all mines and major exploration projects in Northwestern Ontario, specific to supply and service, workforce, energy, and transportation access needs. John has worked with many of the indigenous communities, MNO and municipalities to maximize economic development opportunities related to exploration and mining and balance environmental/ESG require
Honoring Innovation, Excellence, and Leadership at the 2025 APEX/IFSA Awards: APEX Honored Aviation's Industry Trailblazers and Visionaries12.9.2025 08:00:00 CEST | Press release
WASHINGTON, D.C. / ACCESS Newswire / September 12, 2025 / Airlines and suppliers were celebrated for their meaningful advancements in passenger experience at the prestigious APEX/IFSA Awards Ceremony in Long Beach, California. Hosted by the APEX (Airline Passenger Experience Association) and the IFSA (International Flight Services Association) during the APEX/IFSA Global EXPO, the ceremony is regarded as the industry's premier awards event, recognizing innovation, dedication, and leadership that set new standards for excellence across the skies.APEX IFSA "What sets the APEX/IFSA Awards apart comes from how our awards program moves beyond recognition; it actively drives excellence across our entire industry," APEX/IFSA Group CEO Dr. Joe Leader stated. "Unlike other award platforms, these honors reflect both the voices of millions of global passengers and the rigorous assessments of independent experts. This powerful combination establishes the APEX/IFSA Awards as the most trusted and im
Among Migrating Nurses, Survey Shows High Satisfaction Rates for Those Who Use a Certified Ethical Recruiter11.9.2025 21:30:00 CEST | Press release
PHILADELPHIA, PA / ACCESS Newswire / September 11, 2025 / In a new survey, foreign-educated nurses and other healthcare professionals who migrate to work in the United States continue to give high marks to recruitment firms that are certified by the Alliance for Ethical International Recruitment Practices.TruMerit Ethical International Recruitment Report How certification helps safeguard the rights of foreign-educated health professionals. The Alliance, a division of TruMerit (formerly CGFNS International), in 2024 surveyed more than 8,000 foreign-educated health professionals who had used one of its 19 Certified Ethical Recruiters (CERs). Ninety percent of respondents indicated they had an overall positive experience with their recruiter, with 55% reporting it was very positive. As the survey report shows, the high satisfaction rate essentially held steady from 2023 despite persisting delays and increased costs in the U.S. immigration process. In an earlier TruMerit/CGFNS survey of it
Raven Resources Reports Strong First-Year Results Following Grove Electric Acquisition11.9.2025 15:00:00 CEST | Press release
GROVE, OKLAHOMA / ACCESS Newswire / September 11, 2025 / Raven Resources today announced robust first-year financial results following its acquisition of Grove Electric, a leading electrical contracting and services company based in Grove, Oklahoma. For the fiscal year ending August 31, 2025, Grove Electric achieved a 30% increase in revenues compared to the prior year. The September 2024 acquisition was a strategic move to expand Raven Resources' portfolio of service-oriented businesses in fast-growing regional markets. The strong results highlight both the successful integration of Grove Electric and the sustained demand for high-quality electrical contracting services across Northeast Oklahoma. "We are extremely pleased with Grove Electric's first year under Raven Resources," said Paul Scribner, CEO of Raven Resources. "The growth we've seen is a testament to the dedication of Grove Electric's team and the company's reputation for reliable, professional service. This performance rei
Richmond Terrace Capital Secures €900 Million from European Pension Leaders11.9.2025 12:30:00 CEST | Press release
CITY OF LONDON, GB / ACCESS Newswire / September 11, 2025 / Richmond Terrace Capital, a leading London-based investment management company, is pleased to announce that a consortium of leading European pension funds has awarded the firm new discretionary mandates totaling approximately €900 million, with an additional €1.5 billion in commitments scheduled for early 2026. Through these mandates, Richmond Terrace Capital will provide end-to-end portfolio management and strategic investment guidance, designed to deliver consistent value in line with each client's investment objectives. Record Momentum Powered by Strategic Growth This landmark development caps one of Richmond Terrace Capital's strongest years to date, driven by the exceptional performance of its flagship funds and private equity platforms. Investment success has been particularly evident in transformative sectors such as Commercial Space Ventures, Advanced Connectivity Infrastructure, and Artificial Intelligence application
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