Zenith Announces Reactivation of Sant'Andrea Concession in Italy

Source: www.gulfoilandgas.com 7/13/2022, Location: Europe

Zenith Energy Ltd., the energy company with proven revenue generating production, exploration and development assets in Africa and Europe, is pleased to announce that it is finalising plans to reactivate the Sant'Andrea natural gas production concession ("Sant'Andrea" or the "Concession") located in onshore Italy, with production expected to commence in Q4 2022.

Overview of Sant'Andrea
The Concession covers 164.32 square kilometres and is located in the Veneto region of North-Eastern Italy. It was first granted in 1992 and is due to expire in 2027. Two wells have been drilled within the Concession, namely S. Antonio-1 and Anzano-1.

The Company plans to reactivate the S. Antonio-1 well, with an expected initial production rate of 1,300 cubic metres of natural gas per day.

Monthly fixed production costs are expected to be approximately EUR 3,000 with estimated net revenues of approximately EUR 40,000 to EUR 50,000 per month.

Zenith, via its Italian subsidiary, holds a 40% interest in the Concession. The Company's partners in Sant'Andrea have communicated that they do not intend to fund the reactivation of the Concession. Zenith will therefore receive full entitlement to the production revenue to be received from Sant'Andrea, as well as bearing the full costs associated with reactivation of the Concession (approximately EUR 20,000).

Luca Benedetto, Chief Financial Officer, and Managing Director of Italian operations, commented:
"We have embarked on a gradual strategy of optimising our Italian portfolio, parts of which have remained dormant for some time, in the context of the increasing necessity for European domestic energy security and a highly encouraging pricing climate.

It is our intention to continue to assess other, potentially much larger, opportunities for development within our Italian portfolio in the foreseeable future."


Norway >>  11/14/2024 - Equinor has struck oil and gas near the Fram field in the North Sea. The discovery is estimated at between 13 and 28 million barrels of oil equivalent...
Argentina >>  11/12/2024 - GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator, and consolidator, is p...

Australia >>  11/12/2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) notes the release of Tamboran Resources Corporation 1Q FY25 results and provides an update on operations in...
Egypt >>  11/11/2024 - QatarEnergy has entered into an agreement with Chevron to acquire a 23% working interest in the concession agreement for the North El-Dabaa (H4) Block...

Trinidad and Tobago >>  11/5/2024 - Touchstone Exploration Inc. ("Touchstone", "we", "our" or the "Company") (TSX, LSE: TXP) announces that Primera Oil and Gas Limited ("POGL"), our whol...
Namibia >>  11/4/2024 -  · Tamboti-1X exploration well - 1bn bbl target1 - spudded 20th October 2024
· Additional 3D seismic acquisition programs in 20...





Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.