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Zenith Energy Increases Oil Production at Azerbaijan Well

10 Oct 2017 8:00 am

By Maryam Cockar

Zenith Energy Ltd (ZEE.V) on Tuesday said that oil production at its well in Azerbaijan has increased after new perforations were made at the facility.

The oil-and-gas producer said that well C-21 in the Jafarli field is now flowing at a rate of 35 barrels of oil a day after it perforated an additional 7.8 meters (25.6 feet) of unexploited pay zones.

On Friday, the previously non-producing well had been flowing at a rate of 15 barrels a day, Zenith said.

Zenith will now install an electric submersible pump to draw down pressure to increase production further.

The company added that the workover of well Z-28, also in the Jafarli field, is expected to be completed by mid-November.

Shares in Zenith were up 0.53 pence, or 6.8%, to 8.28 pence at 0751 GMT.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

October 10, 2017 04:00 ET (08:00 GMT)

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