Inactive Instrument

Zenith Energy Limited

ZEN

AU000000ZEN5

Zenith Energy : Completion of Handover & Receipt of Payment

June 25, 2020 at 02:32 am

June 25, 2020

ZENITH ENERGY LTD.  
      
("Zenith" or the "Company")

Completion of Handover & Receipt of Payment 

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the
listed international oil & gas production company focused on pursuing African
development opportunities, is pleased to announce that the handover process (the
"Handover") of the Contract Rehabilitation Area ("CRA") to SOCAR in the Republic
of Azerbaijan has now been successfully concluded. 

As a result of the Handover, Zenith has ceased all oil production operations in
Azerbaijan and all field production personnel, approximately 170 employees, have
been transferred to a division of SOCAR. 



Receipt of Payment  

The Company is pleased to confirm that its Azerbaijan subsidiary has recently
received a payment for oil production of approximately US$508,000 from SOCAR.


Further Information:

Zenith Energy Ltd. 	

Andrea Cattaneo, Chief Executive Officer	Tel: +1 (587) 315 9031
	E-mail: info@zenithenergy.ca
 
Notes to Editors: 

Zenith Energy Ltd. is an international oil and gas production company, listed on
the London Stock Exchange (LSE:ZEN) and the Merkur Market of the Oslo Stock
Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize value-accretive
hydrocarbon production opportunities in the onshore oil & gas sector,
specifically in Africa. The Company's board of directors and senior management
team have the experience and technical expertise to develop the Company
successfully.

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Zenith Energy Limited is an Australia-based oil and gas production company. The Company operates an onshore oilfield in Azerbaijan through its subsidiary, Zenith Aran Oil Company Limited. The Company also operates several gas production and exploration concessions in Italy. Its Italian operations also include the production of electricity and condensate. The Companys onshore oilfield in Azerbaijan has its operations in Muradkhanli, Zardab and Jafarli. Muradkhanli oilfield is in the Aran region of Azerbaijan, which is 30 kilometers south from the town of Kurdamir. Zardab is located seven-kilometers south-eastwards from the city of Zardab and occupies an area of approximately 100 square kilometers. Jafarli is located seven-kilometers south-east of the town of Zardab.

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Zenith Energy : Completion of Handover & Receipt of Payment

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