Zenith Energy Announces New Record Electricity Production Revenue

Source: www.gulfoilandgas.com 10/5/2021, Location: Europe

Zenith Energy Ltd. (Zenith) (ZENA) is pleased to announce that its production activities in Italy have achieved a new record in terms of profitability because of the current favourable energy pricing climate.

Electricity production in Italy

The Company is pleased to report, further to its announcement dated September 16, 2021, that its electricity generation activities at the Torrente Cigno concession in Italy, where low-grade natural gas production is used to generate electricity, have registered a new record in terms of profitability.

During the month of September 2021, the Company produced a total of approximately 920 MWh, a small increase in respect of the previous month.

Electricity prices during the month of September 2021 have averaged approximately EUR 157 per MWh, resulting in net revenues of approximately EUR 150,000 per month. The current net production costs remain fixed at approximately EUR 35,000 per month.

An application for the New Common Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue date.

Issue of equity in respect of Winance Loan Agreement

The Company has issued 3,953,708 new common shares of no par value (the "New Common Shares") at an issue price of NOK 0.1266 (equivalent to approximately £0.011) to Winance in respect of the Loan Agreement announced to the market on May 26, 2021.


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