Zenith Energy - Capital Network: Encouraging Progress in Azerbaijan
Zenith Energy (LON:ZEN) provided an update on the redevelopment project in Azerbaijan. The update included the results of the successful perforation of unexploited pay zones in well C-21 in the Jafarli field, as well as the start of the workover on well Z-28 in the Zardab field. We are encouraged by the outcome of the work undertaken on C-21 where the application of new technology to identify new pay zones enabled the company to raise production by 35 bbl/d, in excess of the target of 15 bbl/d per well over the scope of the project. Although it has no impact on our 41p valuation of Zenith (LON:ZEN), continuing to demonstrate successful progress will be essential to secure the necessary financing to ramp up operations in the near future, as per the development plan.
Zenith (LON:ZEN) is current redeveloping the Muradkhnali, Jafarli and Zardab oil fields, which form the largest onshore oilfield of Azerbaijan. The fields were discovered and brought to production in the 1970s; Zenith intends to apply new technology to recover some 33 MMbbl of additional oil reserves potential (Figure 1).
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