Zenith starts workover programme in Azerbaijan

Zenith Energy Ltd, the international oil and gas development and production company with assets in Azerbaijan, Italy and Argentina has recently provided an update on its operations in Azerbaijan. The Company, through its wholly owned subsidiary, Zenith Aran Oil Company Limited, recently assumed operatorship of Azerbaijan’s largest onshore producing oilfield in a Rehabilitation, Exploration, Development and Production Sharing Agreement ("REDPSA").
Zenith holds an 80% participating interest in the three fields within the contract area (Muradkhanli, Jafarli and Zardab), while a SOCAR Oil affiliate company (fully owned by SOCAR) retains the remaining 20%. The duration of the REDPSA is 25 years, with a potential extension of 5 additional years.
A key element of Zenith’s ongoing strategy for Azerbaijan is to increase the scale of its activity to deliver near-term incremental increases in daily oil production. To achieve this goal a workover programme aimed at rehabilitating the first 10 of 65 low producing wells at these fields has begun following the signing of the aforementioned workover contract. The workover rig is en route to site and is expected to start operations on 31 January 2017. Further updates on the progress of the workover programme will be provided regularly.

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