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Zenith Energy announced Well C-37 Results

Source: 10/3/2019, Location: Asia

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ('MAR').Upon publication of this announcement via a regulatory information service ('RIS'), the inside information contained in this document is now considered to be in the public domain.

Well C-37 Results
Zenith Energy Ltd., (Zenith), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to provide an overview of drilling results at well C-37 in the Jafarli oilfield.

The Company can confirm that well C-37 has successfully been drilled to a total depth of 4,350 metres accomplishing both its operational objectives of penetrating the highly prospective, unexploited intervals of the Middle Eocene formation, as well as testing the fluid content of the previously unexplored Upper Cretaceous (Mesozoic) formation.

As announced on September 9, 2019, three untapped oil-bearing clastic layers were identified in the Middle Eocene formation target zone, with a total net pay zone of approximately 16 metres.
Oil and gas shows recorded during drilling of these intervals indicated the presence of favourable reservoir facies.
These findings were subsequently confirmed by a series of wireline logs performed by the Company in order to determine the intervals to be perforated in the Middle Eocene formation following the casing and cementing of well C-37.
Wireline logging of the Upper Cretaceous formation target zone has confirmed, although having gone through a series of tectonic events, the consistence of clay and carbonate facies and provided important indications surrounding the potential productivity of the formation across the Company's Azerbaijan asset.
Having completed wireline logging, the Company proceeded to run the casing with a liner hanger system to be followed by cementing operations. During these operations, the liner hanger system failed to set, making it impossible for the casing to be cemented. Zenith is investigating the reasons for the liner hanger failure with the manufacturer. On account of the observed oil and gas shows from the Middle Eocene formation and wireline logging, it was decided to perform a cement plug operation to isolate the Upper Cretaceous formation and put the well in openhole production from the Middle Eocene formation.
The Company is currently evaluating a number of stimulation interventions including acidification, as well as the possibility of installing an ESP, to maximise production.
Initial testing of the well has indicated that well C-37, if placed on full production, can produce up to100barrels of oil per day with a water cut of approximately 50 percent. Zenith will establish and communicate a stabilised flow rate to the market in due course.
The Company will now perform a series of technical inspections on its 1,200hp drilling rig prior to it being rigged down in preparation for mobilisation to the next drilling location in the Jafarli oilfield, well C-30.
Andrea Cattaneo, Chief Executive Officer of Zenith, commented: 'The Board of Directors is delighted with the result at C-37. Not only have we successfully concluded our first drilling operation in Azerbaijan utilising our own rig, but we are also on track to sizeably increase our daily production of oil.
We now look forward with confidence to drilling operations in well C-30, the next well in our work programme, where all geological and technical data suggests we might achieve an even stronger result.'

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