Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company, is pleased to provide an update regarding well C-37 operations.
The Company can confirm that, in order to optimise future production from well C-37, it will install a custom-built bridge plug to isolate the Upper Cretaceous formation and enhance the long-term productivity to be obtained from the Middle Eocene formation.
Zenith expects that, following the installation, and when the well is placed in full operation, stabilised oil production from well C-37 will be approximately 250-300 barrels of oil per day without stimulation.
As announced on October 9, 2019, the Company plans to perform a series of stimulation activities to progressively further increase productivity from the Middle Eocene formation.
The Company will provide further information on these developments in due course.
Deepening of Well C-30
The Company can confirm that civil works at well C-30 have now been fully completed.
Zenith is currently in discussions with its REDPSA partner, SOCAR, to obtain final approvals to commence drilling operations.
Drilling of Exploratory Well in 2020
Zenith can confirm that it has initiated geological and technical investigations, with the approval and in consultation with SOCAR, for the identification of the most prospective location to drill an exploratory well within the Exploration Area of the REDPSA contract area.
Andrea Cattaneo, Chief Executive Officer of Zenith, commented:
"The Company looks forward to achieving stabilised production from well C-37 following the completion of downhole operations.
We are extremely motivated to achieve further success in C-30 well deepening operations with the benefit of the important experiences gained during C-37 operations."