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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 | 2.20 | 2.20 | 3,000 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMZEN
RNS Number : 0713F
Zenith Energy Ltd
16 February 2018
February 16, 2018
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 Quarterly 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 nine months ended December 31, 2017.
In accordance with Canadian securities laws, the Company's quarterly results were filed on SEDAR on February 15, 2018.
Highlights for the three and nine months ended December 31, 2017 include the following:
-- During the three and nine months ended December 31, 2017, the Company produced 22,317 and 70,271 barrels of oil from its assets in Azerbaijan.
Production from a number of the Company's wells in Azerbaijan was suspended during Q3 as a result of field rehabilitation operations, specifically the installation of electrical submersible pumps and well interventions. Daily production from the field was also affected as a result of the Company receiving faulty chemical to treat its oil production from an international chemical supplier. Zenith is now seeking to have the faulty chemical replaced and has ordered new chemical supplies to avoid similar problems being incurred in future.
-- During the three and nine months ended December 31, 2017, the Company sold 3,578 and 13,199 mcf of natural gas production from its Italian assets.
-- During the three and nine months ended December 31, 2017, the Company sold 295 and 782 barrels of condensate production from its Italian assets.
-- During the three and nine months ended December 31, 2017, the Company sold 1,922 and 7,185 MWh of electricity production from its Italian assets.
-- On November 1, 2017 the Company announced that it had signed a commitment letter with Olieum Services WLL ("Olieum"), an integrated oilfield services and equipment joint venture based in Bahrain, for the procurement of a Genesis BQ500 onshore drilling rig. Olieum has worked closely with the Company to structure a unique lease arrangement that aligns Zenith's targeted growth plans and cash flows with its future equipment requirements.
The Genesis BQ500 is the latest generation, automated onshore hydraulic drilling rig to be manufactured by B Robotics W S.R.L, a founding partner in Olieum, and a leading Italian oil and gas innovation company specialising in the design and manufacture of advanced oil and gas drilling equipment. The rig is expected to deliver enhanced automation, efficiency and safety to the Company's drilling operations, whilst driving down costs and time-to-production. This has largely been achieved through extensive research and development in modular rig design, and in key components including the monkey board, slips, lay-up and down machine, pipe containers, roughneck, subs and bits loader, and all the working floor tools.
Manufacturing of the Genesis BQ500 is scheduled to begin upon the fulfilment of the preliminary conditions detailed in the commitment letter. This is expected to take place in early 2018, with delivery anticipated in late 2018.
-- The Company recorded revenues of CAD$1,620k for its production during the three months ended December 31, 2017.
-- The Company incurred CAD$3,418k of capital expenditures in the nine months ended December 31, 2017, primarily resulting from the field rehabilitation programme underway in Azerbaijan.
Zenith Chief Executive Officer, Andrea Cattaneo, commented:
"Although we have faced some operational challenges in recent months, I believe these are now being successfully addressed and the Company has a very exciting development journey ahead, coupled with potential transactions to enhance the portfolio and broaden the risk profile of our assets. Accordingly, I look forward to announcing increased production revenue in the next set of quarterly results as we improve well performance and look to grow our daily production levels."
Hot Features
Premium
Consolidated Statement of Comprehensive Income
Continuing operations Nine months ended
31 December 2017 31 December 2016
Unaudited Unaudited
Note CAD $'000 CAD $'000
Revenue 22 4,402 2,984
Royalties - (7)
Cost of Sales
Production costs (1,959) (1,804)
Depletion and depreciation 7 (976) (523)
Gross Profit / (Loss) 1,467 650
------------------------------- ----- -------------------------------------- --------------------------------------
Administrative expenses 4 (962) (3,697)
Gain on business acquisition - 771,189
Operating Profit / (Loss) 505 768,142
------------------------------- ----- -------------------------------------- --------------------------------------
Fair value movements - (40)
Gain (loss) on sale of
marketable securities - 4
Foreign exchange - 221
Net Interest expense 5 64 (570)
Profit/(Loss) for the period before
taxation 569 767,757
-------------------------------------- -------------------------------------- --------------------------------------
Taxation 6 - (153,044)
Profit/(Loss) for the period
from continuing operations 569 614,713
------------------------------- ----- -------------------------------------- --------------------------------------
(Loss)/Profit from
discontinued operations, net
of tax - -
Profit/(Loss) for the period 569 614,713
------------------------------- ----- -------------------------------------- --------------------------------------
Other Comprehensive Income
Items that may be subsequently
reclassified to profit or
loss:
Exchange differences on
translating foreign
operations, net of tax 68 (8,428)
Total Comprehensive Income for
the period attributable to
equity holders for the parent
company 637 606,285
------------------------------- ----- -------------------------------------- --------------------------------------
Earnings per share (CAD$) 20
Basic from profit / (loss) for
the period 0.01 10.59
Diluted from profit / (loss)
for the period 0.01 5.90
From continuing operations -
basic 0.01 10.59
From continuing operations -
diluted 0.01 5.90
From discontinued operations - basic
and diluted 0.01 5.90
Consolidated Statement of
Financial Position Nine months ended
31 December 31 December
2017 2016
Unaudited Unaudited
ASSETS Note CAD $'000 CAD $'000
Non-current assets
Property, plant and
equipment 7 1,075,743 1,066,398
Capitalised expenses 8 2,378 -
Other financial assets 9 430 161
------------------------------------- ----------------------------------------------------------
1,078,551 1,066,559
------------------------------------- ----------------------------------------------------------
Current Assets
Inventory 19 296 322
Trade and other receivables 22 1,912 1,956
Financial instruments
at fair value through
profit or loss 12 0 -
Cash and cash equivalents 2,358 315
4,566 2,593
------------------------------------- ----------------------------------------------------------
TOTAL ASSETS 1,083,117 1,069,152
===================================== ==========================================================
EQUITY AND LIABILITIES
Equity attributable to equity holders
for the parent company
Share capital 10 20,867 11,456
Share warrants and
option reserve 11 1,172 1,800
Contributed surplus 2,232 2,231
Retained earnings
/ (deficit) 554,646 590,687
-------------------------------------
Total equity 578,917 606,174
------------------------------------- ----------------------------------------------------------
Non-current liabilities
Borrowings 13 2,339 2,376
Deferred consideration
payable 15 484,034 287,044
Convertible loans 14 - 1,309
Decommissioning provision 16 7,980 9,704
Deferred tax liabilities 6 2,398 153,927
------------------------------------- ----------------------------------------------------------
Total non-current
liabilities 496,751 454,360
------------------------------------- ----------------------------------------------------------
Current Liabilities
Trade and other payables 22 3,857 4,893
Oil share agreement - 1,063
Borrowings 13 2,771 1,946
Deferred consideration
payable 15 440 502
Convertible loans 14 381 214
------------------------------------- ----------------------------------------------------------
Total current liabilities 7,449 8,618
TOTAL EQUITY AND LIABILITIES 1,083,117 1,069,152
Consolidated Share Warrants Contributed Retained Total
Statement capital and share surplus earnings
of Changes in option / (deficit)
Equity reserve
CAD$'000 CAD$'000 CAD$'000 CAD$'000 CAD$'000
Balance as at 1
April 2016 9,578 1,510 2,231 (15,598) (2,279)
---------------- --------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
Income/(loss) - - - 606,285 606,285
Other
comprehensive
income - - - - -
--------------------------- --------------------------------- ------------------------------------- ----------------------------------
Total
comprehensive
income - - - 606,285 606,285
--------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
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 1,533 - - - 1,533
Value of
options
issued - 290 - - 290
Expired options - - - - -
--------------------------- --------------------------------- ------------------------------------- ----------------------------------
Total
transactions
with owners
recognised
directly in
equity 1,878 290 - - 2,168
---------------- --------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
Balance as at
31
December 2016 11,456 1,800 2,231 590,687 606,174
---------------- --------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
Consolidated Share Warrants Contributed Retained Total
Statement capital and share surplus earnings
of Changes in option / (deficit)
Equity reserve
CAD$'000 CAD$'000 CAD$'000 CAD$'000 CAD$'000
Balance as at 1
April 2017 17,229 1,877 2,332 554,009 575,447
---------------- --------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
Income/(loss) - - - 637 637
Other
comprehensive
income - - - - -
--------------------------- --------------------------------- ------------------------------------- ----------------------------------
Total
comprehensive
income - - - 637 637
--------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
Share issue net
of costs -
conversion
of loan notes - - - - -
Share issue net
of costs -
debt
settlement 15 - - - 15
Share issue net
of costs -
private
placement 1,343 - - - 1.343
Share issue net
of costs -
exercise
of options 2,280 (685) (100) - 1,495
Expired options - (20) - - (20)
--------------------------- --------------------------------- ------------------------------------- ----------------------------------
Total
transactions
with owners
recognised
directly in
equity 3,638 (705) (100) - 2,833
---------------- --------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
Balance as at
31
December 2017 20,867 1,172 2,232 554,646 578,917
---------------- --------------------------- --------------------------------- ------------------------------------- ---------------------------------- --------------------
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 Nine months ended
31 December 2017 31 December 2016
OPERATING ACTIVITIES Note CAD $'000 CAD $'000
Profit/(Loss) for the year before taxation 569 614,714
Items not involving cash: - -
Shares issued for services 15 131
Shares issued for accrued interest - -
Options issued 685 290
Options expired (20) -
Gain (loss) on sale of marketable securities - (4)
Fair value adjustment on marketable securities - 40
Foreign exchange 68 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 976 523
Impairment of property and equipment - 2
Other expense - -
Finance expense (64) 194
Change in working capital 18 546 285
------------------------------------------------------ ----- --------------------------
Net cash used in operating activities 2,775 (1,909)
------------------------------------------------------ ----- -------------------------- ---------------------------
INVESTING ACTIVITIES
Proceeds on sale of marketable securities - 11
Cash on disposal of subsidiary - -
Investments in subsidiaries (3,996) -
Purchases of property, plant and equipment (3,418) (103)
Change in working capital 18 - 11
------------------------------------------------------ ----- -------------------------- ---------------------------
Net cash used in investing activities (7,414) (81)
------------------------------------------------------ ----- -------------------------- ---------------------------
FINANCING ACTIVITIES
Repayment of notes payable - -
Proceeds from issue of shares, net of transaction
costs 1,343 1,325
Proceeds from exercise of options 10 2,280 -
Proceeds from issue of bonds - 191
Repayments of loans (550) -
Proceeds from loans - 360
Net cash generated from financing activities 3,073 1,876
------------------------------------------------------ ----- -------------------------- --------------------------- Net increase/(decrease) in cash (1,566) (114) Foreign exchange effect on cash held in foreign currencies - (5) Cash at beginning of nine-month period 3,924 138 ------------------------------------------------------ ----- -------------------------- --------------------------- Cash at end of nine-month period 2,358 19 ------------------------------------------------------ ----- -------------------------- ---------------------------
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
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Kate Rogucheva Tel: +44 (0) 20 7830 9700
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 (0) 207 382 8300
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Telephone: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
February 16, 2018 02:00 ET (07:00 GMT)
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