Zenith Energy Ltd – Capital Network: Valuable Oil Redevelopment Play in Azerbaijan
Zenith Energy Ltd (LON:ZEN) (Zenith) is an oil and gas production company incorporated in Canada and dual-listed in London and Toronto. Zenith’s strategy of investing in low costs producing assets with relatively material upside potential, culminated in the recent award of a PSA in Azerbaijan for the redevelopment of mature onshore assets with potentially material remaining oil resources. Meanwhile, Zenith Energy Ltd (LON:ZEN) has continued to pursue a measured development strategy in Italy, centred around monetisation of gas resources. We estimate a potential upside of up to 41p (C$0.66) per share, based on third-party reserves assessment and recognising the risks and challenges facing Zenith Energy Ltd (LON:ZEN) in Azerbaijan. We believe that Zenith’s strategy to own its rigs is a critical risk-mitigating factor for the project, whilst management’s ownership of c. 20% of the equity provides perfect alignment of interests with shareholders.
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