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Zenith Energy raises £606,640 as company progresses towards well programmes

"I am grateful to our new and existing institutional shareholders, as well as other major shareholders, who have participated in these offerings”

oil and gas operations
Preparations are underway in Azerbaijan

Zenith Energy Ltd (LON:ZEN) has raised new capital through two separate share sales, bringing in a total of £606,640.

The Azerbaijan focused firm said the funding was the result of market demand, and, it intends to use the capital injection to “increase its continued investment in its Azerbaijan field operations”.

In Canada, the company sold 10.36mln shares priced at 5 Canadian cents each, raising C$518,232 (£303,560), meanwhile, through a placing in London it sold 10.1mln shares priced at 3p each to raise £303,080.

WATCH: Zenith Energy CEO confident of achieving production targets ahead of drill campaign

"I am grateful to our new and existing institutional shareholders, as well as other major shareholders, who have participated in these offerings,” said Andrea Cattaneo, Zenith chief executive.

He added: “the company has made significant progress, on both a corporate and operational level, which has created a very strong opportunity for value creation in the event of successful fulfilment of our vast, unchanged potential in the period ahead."

Zenith also provided an operations update including news from the Jafarli field, where preparations to deepen the C-37 are now complete. Equipment is expected to be mobilised to the site “in due course”, it said.

Elsewhere, the C-26 well has undergone cleanout operations as the company assessed the well's suitability for deepening operations – however, it is not due to production casing damage.

The operations team has now moved to the C-30 well where it will perform a similar assessment.

A tender process is underway to secure a contractor for the deepening operations.

Also, Zenith highlighted that a drill rig is now due to be transported to Azerbaijan, ahead of anticipated field operations slated for March.

Quick facts: Zenith Energy Ltd

Price: 3.345 GBX

LSE:ZEN
Market: LSE
Market Cap: £12.31 m
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