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
Innodata Reports Record Second Quarter 2026 Results6.8.2026 22:05:00 CEST | Press release
Revenue Up 58% Year-Over-Year, Beats Consensus by 7% Adjusted EBITDA of $25.4 Million, Beats Consensus by 50% Adjusted Gross Margin Expands to 49% Announces Planned Leadership Transition Effective September 30: Rahul Singhal to Become President and CEO, Jack Abuhoff to Become Executive Chairman NEW YORK, NY / ACCESS Newswire / August 6, 2026 / INNODATA INC. (NASDAQ:INOD) today reported results for the second quarter ended June 30, 2026. Revenue of $92.1 million, representing 58% year-over-year revenue growth. Adjusted Gross Profit of $45.4 million, representing Adjusted Gross Margin of 49%.* Adjusted EBITDA of $25.4 million, or 27.5% of revenue, an increase of $12.1 million from $13.2 million in the same period last year.* Net income of $14.4 million, or $0.43 per basic share and $0.41 per diluted share for the three-month period ended June 30, 2026, compared to net income of $7.2 million, or $0.23 per basic share and $0.20 per diluted share, in the same period last year. Cash, cash eq
Loar Holdings Inc. Reports Q2 2026 Record Results and Upward Revision to 2026 Outlook6.8.2026 14:30:00 CEST | Press release
WHITE PLAINS, NY / ACCESS Newswire / August 6, 2026 / Loar Holdings Inc. (NYSE:LOAR) (the "Company," "Loar," "we," "us" and "our") reported record results for the second quarter of 2026. "Through the first half of the year, the business continues to outperform our expectations, driven by exceptional demand across our end-markets and strong conversion of our new business pipeline. Of the approximately $750 million in our pipeline, we secured initial orders that provide visibility to approximately $200 million of revenue over the next five years," said Dirkson Charles, Loar Holdings Chief Executive Officer and Executive Co-Chairman of the Board of Directors. Second Quarter 2026 Net sales of $171.6 million, up 39.4% compared to the prior year's quarter. Net income of $16.7 million, equal to the prior year's quarter. Diluted earnings per share of $0.18 compared to $0.17 for the prior year's quarter. Adjusted EBITDA of $69.4 million up 47.4% compared to the prior year's quarter. Net income
RE Royalties Announces Third Investment in Solaris Energy's Portfolio and Letter of Intent for Expanded Royalty Partnership for a Further US$62.7 Million5.8.2026 12:00:00 CEST | Press release
All amounts in US dollars unless otherwise stated. VANCOUVER, BC / ACCESS Newswire / August 5, 2026 / RE Royalties Ltd. (TSXV:RE)(OTCQX:RROYF)(FSE:Y2V) ("RE Royalties" or the "Company") is pleased to announce a further investment of US$1 million toward the purchase of royalties on a portfolio of Solaris Energy Inc.'s ("Solaris") distributed generation ("DG") solar projects located throughout the United States. The Company also announced that it has entered into a non-binding Letter of Intent ("LOI") of up to US$67.5 million with Solaris to pursue an expanded royalty funding partnership across Solaris' current and future project pipeline. This third tranche payment brings RE Royalties' total investment in royalties over Solaris' portfolio to US$4.8 million. The Company previously funded US$3 million, as announced on January 7, 2026, followed by US$800,000 as announced on February 9, 2026. Solaris' Portfolio consists of 16 distributed generation solar projects totaling approximately 15.2
Kleen Hy-Dro-Gen Inc. Is Pleased to Announce Dual ISO 9001:2015 and TSSA Certifications, Bolstering Operational Quality and Technical Safety Governance5.8.2026 02:10:00 CEST | Press release
Key regulatory and quality management accreditations position the CSE-listed clean energy technology provider for accelerated commercialization and potential major enterprise contracts to manufacture and sell, residential and commercial, Zero Emissions Heating Systems using Hydrogen as a heat energy source. TORONTO, ON / ACCESS Newswire / August 4, 2026 / Kleen-Hy-Dro-Gen Inc. (the "Company") (CSE:KLN) is pleased to announce that it has officially achieved both ISO 9001:2015 Quality Management System certification and regulatory Technical Standards and Safety Authority ("TSSA") certification for its flagship product KLEEN HEAT On-Demand Hydrogen Heating System. These dual accreditations mark a major operational milestone for the Company, establishing independent third-party verification of the Company's quality assurance framework, engineering standards, and regulatory safety compliance across its Kleen Heat technology, advancing the Company's goal of safely utilizing the system in Zer
Innodata Releases the First Stage of Its AI Cyber Training Suite to Enable AI Coding Agents to Write - and Repair - Secure Code4.8.2026 14:30:00 CEST | Press release
Twelve datasets and evaluation systems, built by hand from thousands of real-world security flaws, give model builders and enterprises a proven way to keep AI-generated code from introducing vulnerabilities. NEW YORK, NY / ACCESS Newswire / August 4, 2026 / INNODATA INC. (Nasdaq:INOD) today released the first stage of its AI Cyber Training Suite - twelve datasets and evaluation systems that train AI coding agents to write code that avoids known security flaws, to avoid introducing new ones, and to patch existing vulnerabilities in the software companies already run. The suite addresses what has become a central barrier to trusting AI-written code: the risk that an agent, while adding a feature or modernizing a legacy system, quietly opens a security hole. The AI Cyber Training Suite works across the stack of coding agents - the models, the harnesses, and the tools - to help ensure the code they produce is not just functional, but secure. It is available to model builders and enterprise
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