9th Feb 2017 08:09
LONDON (Alliance News) - Zenith Energy Ltd on Thursday said the workover programme on the M-195 well at the Muradkhanli field in Azerbaijan has started.
In January, Zenith said it would undertake a workover programme on the Muradkhanli, Jafarli, and Zardab fields in Azerbaijan on the belief a lack of maintenance work has meant production from the fields has slowed, but that this can be rectified to bring production back closer to historical peaks.
Muradkhanli is the largest of the three fields controlled by Zenith.
Zenith also said it has decided to double the number of workover rigs it will use in the programme and will seek to secure another rig from a local drilling company.
"The beginning of the first well workover signals the start of a promising new phase in the company's transformational operations in Azerbaijan," said Andrea Cattaneo, Zenith's chief executive.
"The addition of a second workover rig, following the recent capital raising, will allow the company to accelerate the pace of field rehabilitation activities," he added.
Shares in Zenith were up 7.3% to 10.73 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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