Zenith Energy moves to drill new wells in Azerbaijan
, the oil and gas company operating in Azerbaijan, has identified a number of wells at its Muradkhanli oilfield for drilling activities in the coming days.
It told investors on Monday that mobilisation of its drilling rig to the C-30 well is expected to begin before the end of the month.
The company also said that well M-247, located in the south-western part of the Muradkhanli oilfield, has been identified as “a highly prospective geological target” for well deepening or sidetrack operations, targeting the Middle Eocene and Upper Cretaceous formations.
In 1990, the well produced at a rate of approximately 200 barrels of oil per day. However, it is expected that a series of civil works is needed to make the location fully accessible during the winter season.
Shares in Zenith ticked up 4.84% to 3.25p a share
Andrea Cattaneo, Chief Executive Officer of Zenith, commented: ”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.”
Additionally, the company told investors it has identified a number of wells in the Muradkhanli oilfield in which perforations of selected untapped intervals are “expected to generate additional oil”.
Zenith plans to begin first perforation activities in the next ten days.
Follow News & Updates from Zenith Energy here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.