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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Zenith Energy Ltd. | LSE:ZEN | London | Ordinary Share | CA98936C8584 | COM SHS NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.20 | 2.10 | 2.30 | 2.20 | 2.13 | 2.20 | 0.00 | 08:00:02 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMZEN
RNS Number : 6481W
Zenith Energy Ltd
16 November 2017
November 16, 2017
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Filing of 2017 Second Quarter Results
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce the filing of its consolidated quarterly results for the three and six months ended September 30, 2017.
These results were filed on SEDAR (www.sedar.com) on November 15, 2017 in accordance with TSX and Alberta Security Commission rules.
Highlights for the three and six months ended September 30, 2017 include the following:
-- The Company produced 23,095 and 47,954 barrels of oil from its assets in Azerbaijan. At the end of September 2017, there were 2,588 barrels of unsold oil production in Azerbaijan held in inventory which was sold in subsequent months.
-- The Company sold 4,831 and 9,621 MCF of natural gas produced from its Italian assets. -- The Company sold 264 and 488 barrels of condensate produced from its Italian
assets.
-- The Company sold 2,741 and 5,263 MWh of electricity generated from its Italian assets.
-- The Company incurred CAD$931k in capital expenditure in the six months ended September 30, 2017, primarily resultant from the Company's field rehabilitation and development programme underway in Azerbaijan.
-- The Company announced that it had signed a contract for the procurement of oil production materials with Kerui Petroleum, a leading Chinese manufacturer of oilfield equipment, on August 21, 2017. The procurement of this new equipment will enhance Zenith's operational capabilities, enable the Company's personnel to work in remote field locations, and replenish Zenith's stock of oil production materials. The total value of the procurement contract was USD$1,706k (approximately GBP1,325k; CAD$2,146k).
Zenith Chief Executive Officer, Andrea Cattaneo, commented:
"These Q2 results confirm the transformational impact of Zenith's Azerbaijan acquisition on the Company's financial position.
I look forward to announcing increased production revenue in the next set of quarterly results as we achieve further growth in our daily production of oil."
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Consolidated Statement of Comprehensive Income
Continuing operations Six months ended
30 September 2017 30 September 2016
Unaudited Unaudited
Note CAD $'000 CAD $'000
Revenue 22 2,782 1,067
Royalties - (7)
Cost of Sales
Production costs (1,490) (785)
Depletion and depreciation 7 (609) (204)
Gross Profit / (Loss) 683 71
------------------------------- ----- -------------------------------------- --------------------------------------
Administrative expenses 4 (157) (1,796)
Gain on business acquisition - 771,189
Operating Profit / (Loss) 526 769,464
------------------------------- ----- -------------------------------------- --------------------------------------
Fair value movements - -
Gain (loss) on sale of
marketable securities - 4
Foreign exchange - 90
Net Interest expense 5 53 (245)
Profit/(Loss) for the period before
taxation 579 769,313
-------------------------------------- -------------------------------------- --------------------------------------
Taxation 6 - (153,044)
Profit/(Loss) for the period
from continuing operations 579 616,269
------------------------------- ----- -------------------------------------- --------------------------------------
Profit / (Loss) from
discontinued operations, net
of tax - -
Profit/(Loss) for the period 579 616,269
------------------------------- ----- -------------------------------------- --------------------------------------
Other Comprehensive Income
Items that may be subsequently
reclassified to profit or
loss:
Exchange differences on
translating foreign
operations, net of tax (158) (8,195)
Total Comprehensive Income for
the period attributable to
owners of the parent 421 608,074
------------------------------- ----- -------------------------------------- --------------------------------------
Earnings per share (CAD $) 20
Basic from profit / (loss) for
the period 0.01 10.39
Diluted from profit / (loss)
for the period 0.01 6.23
From continuing operations -
basic 0.01 10.39
From continuing operations -
diluted 0.01 6.23
From discontinued operations -
basic and diluted 0.01 6.23
Consolidated Statement of Financial Position Six months ended
30 September 2017 30 September 2016
Unaudited Unaudited
ASSETS Note CAD $'000 CAD$'000
Non-current assets
Property, plant and
equipment 7 1,073,436 1,066,801
Capitalised expenses 8 2,210 -
Other financial assets 9 430 167
------------------------------------- -------------------------------------
1,076,076 1,066,968
------------------------------------- -------------------------------------
Current Assets
Inventory 19 208 317
Trade and other
receivables 22 1,382 1,547
Financial instruments at
fair value through
profit or loss 12 - 353
Cash and cash
equivalents 2,393 126
3,983 2,343
------------------------------------- -------------------------------------
TOTAL ASSETS 1,080,059 1,069,311
===================================== =====================================
EQUITY AND LIABILITIES
Equity attributable to equity holders for the parent
Share capital 10 18,587 10,351
Share warrants and
option reserve 11 1,633 2,247
Contributed surplus 2,232 2,231
Retained earnings /
(deficit) 554,430 592,476
-------------------------------------
Total equity 576,882 607,305
------------------------------------- -------------------------------------
Non-current liabilities
Borrowings 13 2,380 2,665
Deferred consideration
payable 15 484,034 287,044
Convertible loans 14 385 887
Decommissioning
provision 16 7,980 9,793
Deferred tax liabilities 6 2,398 153,928
------------------------------------- -------------------------------------
Total non-current
liabilities 497,177 454,317
------------------------------------- -------------------------------------
Current Liabilities
Trade and other payables 22 2,720 4,033
Oil share agreement - 1,039
Borrowings 13 2,840 1,503
Deferred consideration
payable 15 440 502
Convertible loans 14 - 612
------------------------------------- -------------------------------------
Total current
liabilities 6,000 7,689
TOTAL EQUITY AND
LIABILITIES 1,080,059 1,069,311
===================================== =====================================
Share Warrants Contributed Retained Total
capital and share surplus earnings
Consolidated Statement option / (deficit)
of Changes in Equity reserve
CAD CAD CAD CAD CAD
$'000 $'000 $'000 $'000 $'000
Balance as at 1
April 2016 9,578 1,510 2,231 (15,598) (2,279)
------------------------- --------- ----------- ------------ ------------- ---------
Income/(loss) - - - 616,269 616,269
Other comprehensive
income - - - (8,195) (8,195)
--------- ----------- ------------ -------------
Total comprehensive
income - - - 608,074 608,074
--------- ----------- ------------ ------------- ---------
Share issue net
of costs - conversion
of loan notes 300 - - - 300
Share issue net
of costs - debt
settlement 45 - - - 45
Share issue net
of costs - private
placement 1,141 - - - 1,141
Value of warrants
issued (713) 737 - - 24
Expired options - - - - -
--------- ----------- ------------ -------------
Total transactions
with owners recognised
directly in equity 773 737 - - 1,510
------------------------- --------- ----------- ------------ ------------- ---------
Balance as at 30
September 2016 10,351 2,247 2,231 592,476 607,305
------------------------- --------- ----------- ------------ ------------- ---------
Share Warrants Contributed Retained Total
capital and share surplus earnings
Consolidated Statement option / (deficit)
of Changes in Equity reserve
CAD CAD CAD CAD CAD
$'000 $'000 $'000 $'000 $'000
Balance as at 1
April 2017 17,229 1,877 2,332 554,009 575,447
------------------------- --------- ----------- ------------ ------------- ---------
Income/(loss) - - - 421 421
Other comprehensive
income - - - - -
--------- ----------- ------------ -------------
Total comprehensive
income - - - 421 421
--------- ----------- ------------ ------------- ---------
Share issue net
of costs - conversion
of loan notes - - - - -
Share issue net
of costs - debt
settlement - - - - -
Share issue net
of costs - private
placement - - - - -
Share issue - exercise
of options 1,358 (224) (100) - 1,034
Expired options - (20) - - (20)
--------- ----------- ------------ -------------
Total transactions
with owners recognised
directly in equity 1,358 (244) - - 1,014
------------------------- --------- ----------- ------------ ------------- ---------
Balance as at 30
September 2017 18,587 1,633 2,232 554,430 576,882
------------------------- --------- ----------- ------------ ------------- ---------
Reserve Description and purpose
Share capital Amount subscribed for share capital
Warrants and share Relates to possible increase in equity for options issued
option reserve
Combined surplus Cumulative earning from non-operational sources
Retained earnings (deficit) Cumulative net gains and losses recognised in the consolidated statement of
comprehensive income.
Consolidated statement of cash flows Six months ended
30 September 2017 30 September 2016
OPERATING ACTIVITIES Note CAD $'000 CAD $'000
Profit/(Loss) for the period before taxation 579 616,269
Items not involving cash: -
Shares issued for services 15 214
Shares issued for accrued interest - -
Gain (loss) on sale of marketable securities - (4)
Fair value adjustment on marketable securities - -
Foreign exchange 34 61
Gain on business acquisition - (771,189)
Deferred taxation - 153,044
Gain on conversion of convertible notes - -
Fair value adjustment on derivative liability - -
Depletion and depreciation 7 609 204 Capitalisation of expenses 8 (2,419) - Impairment of property and equipment - 1 Other expenses - - Finance expenses 5 (53) 42 Change in working capital 18 (393) (177) ---------------------------------------------------- ----- ---------------------------- Net cash used in operating activities (1,628) (1,535) ---------------------------------------------------- ----- ---------------------------- --------------------------- INVESTING ACTIVITIES Proceeds on sale of marketable securities - 11 Cash on disposal of subsidiary - - Purchases of property, plant and equipment (931) (31) Change in working capital 18 - 3 ---------------------------------------------------- ----- ---------------------------- --------------------------- Net cash used in investing activities (931) (17) ---------------------------------------------------- ----- ---------------------------- --------------------------- FINANCING ACTIVITIES Repayment of notes payable - - Proceeds from issue of shares, net of transaction costs 9 1,258 1,116 Proceeds from exercise of options 10 100 - Proceeds from issue of bonds - 191 Repayments of loans 13 (330) - Proceeds from loans - 236 Net cash generated from financing activities 1,028 1,543 ---------------------------------------------------- ----- ---------------------------- --------------------------- Net increase/(decrease) in cash (1,531) (9) Foreign exchange effect on cash held in foreign currencies - (3) Cash at beginning of year 3,924 138 ---------------------------------------------------- ----- ---------------------------- --------------------------- Cash at end of period 2,393 126 ---------------------------------------------------- ----- ---------------------------- ---------------------------
For more information please visit: www.sedar.com.
For further information, please contact:
Zenith Energy Ltd.
Andrea Cattaneo Luca Benedetto Chief Executive Officer Chief Financial Officer Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 207 382 8300
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFEFLLLELID
(END) Dow Jones Newswires
November 16, 2017 02:01 ET (07:01 GMT)
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