October 10, 2024
ZENITH ENERGY
LTD.
("Zenith" or the
"Company")
Update on Italian Energy
Production
Zenith Energy
Ltd. ("Zenith" or the
"Company") (LSE: ZEN; OSE: ZENA; OTCQB:
ZENAF), the listed international energy production and
development company, is pleased to provide an update on its Italian
energy production activities.
Italian Electricity Production - Torrente Cigno
Concession ("Torrente
Cigno")
The Company continues to generate
electricity at the Torrente Cigno with an average monthly
production of approximately 1,000 megawatt hours
("MWh") during the months
of July, August and September 2024 (the "Period").
Electricity prices averaged
approximately EUR
120 per MWh across the Period, resulting in cumulative
net revenues of approximately EUR 360,000 for the
Period.
Zenith's current net production
costs remain fixed at approximately EUR 35,000 per
month.
Sant'Andrea natural gas production concession
("Sant'Andrea")
The Company had previously indicated
an expected commencement of production activities during the month
of October 2024.
Zenith is still awaiting certain
bureaucratic formalities to be completed and will endeavour to
commence production operations at the earliest opportunity once the
necessary approvals are received.
An initial production rate of
approximately 1,500 cubic metres of natural gas is expected upon
the successful reactivation of Sant'Andrea.
Andrea Cattaneo, Chief Executive Officer,
commented:
"Our Italian energy production portfolio
continues to deliver robust profitability, buoyed by recent
increases in the energy pricing.
We
continue to explore potential acquisition opportunities within
Italy, whilst at the same time awaiting completion of the necessary
formalities to reactivate Sant'Andrea.
In
view of the highly successful energy production activities at
Torrente Cigno over recent years - and the recognition by the EU
Parliament of natural gas as a 'green fuel' - the Company will seek
to attract financing in 2025 to support the development of Torrente
Cigno, fulfilling a long-held strategic objective to potentially
significantly increase production and associated
profitability."
Further Information:
|
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer
|
Tel: +1 (587) 315 1279
E: info@zenithenergy.ca
|
Notes to Editors:
Zenith Energy Ltd. is a revenue
generating, independent energy company with energy production,
exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange
Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock
Exchange (OSE: ZENA) and the Venture Market of
the OTCQB (OTCQB: ZENAF).
Zenith's strategic focus is on
pursuing development opportunities through the development of
proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing
production.
For more information, please
visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb