Zenith Energy Provides Update on Electricity Production

Source: www.gulfoilandgas.com 6/14/2022, Location: Europe

The listed international energy production and development business Zenith Energy Ltd. is happy to provide an update on its power production operations at the Torrente Cigno concession in Italy for the month of May 2022. The Company generated roughly 875.6 megawatt hours during the month of May 2022. ("MWh").

Electricity prices during the month of May 2022 averaged approximately EUR 223 per MWh, resulting in net revenues of approximately EUR 195,000. Zenith's current net production costs remain fixed at approximately EUR 35,000 per month.

Luca Benedetto, Chief Financial Officer and Managing Director of Italian operations, commented:
"Zenith's Italian electricity production operations continue to deliver sustained, highly material profitability.

We have performed certain maintenance work during the month of May 2022 at Torrente Cigno, and have further work planned throughout this month, with a view to increasing our production during the second part of 2022.

Beyond Torrente Cigno, our Italian portfolio presents several exciting development opportunities, and we hope to deliver news on this front during the year once we receive the necessary approvals to develop our other natural gas production concessions."


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