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Zenith Energy Ltd - Oil and gas company focused on assets in Africa and Italy - Acquires an additional 10% interest in the Sant’Andrea onshore concession from Petrorep Italiana SRL. The concession covers around 164 square kilometres and is located in north-eastern Italy. After completion, Zenith’s interest in Sant’Andrea will increase to 50%. The company intends to reactivate production at Sant’Andrea’s S. Antonio-1 well, and expects initial production to reach 1,500 cubic metres of natural gas per day. Under the terms of the deal, Petrorep has paid Zenith’s Italian subsidiary €248,000 to cover its share of future abandonment and plugging costs.
Zenith expects production from Sant’Andrea to commence in October.
Current stock price: 2.50 pence per share, closed down 7.4% in London on Tuesday
12-month change: down 47%
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