14th Oct 2019 09:46
(Alliance News) - Zenith Energy Ltd said Monday it expects to start its first perforation activities on several wells in the Muradkhanli oilfield, Azerbaijan in the next ten days.
The Azerbaijan-focused oil & gas firm expects to generate additional oil production, by perforating selected untapped intervals in the field.
Meanwhile, Zenith said it has evaluated a number of drilling locations to follow planned operations on well C-30 in the Jafarli oilfield.
One of the identified targets is well M-247 in Muradkhanli, regarded by Zenith as a highly prospective geological target for well deepening or sidetrack operations targeting the Middle Eocene and Upper Cretaceous formations.
Well M-247 is currently not in production, last produced at a rate of 200 barrels of oil per day in 1990.
"We are taking all the necessary steps to materially increase our daily production of oil and formulate a clear plan to optimise the execution of our potentially transformational drilling activities. I look forward to providing further information regarding these operations in due course," said Chief Executive Officer Andrew Cattaneo.
Shares in Zenith Energy were up 1.8% at 3.16 pence on Monday in London.
By Dayo Laniyan; [email protected]
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