Zenith Energy disappoints with Azerbaijan well results
Zenith Energy Ltd disappointed investors with the long-awaited results of its well at the Jafarli oilfield in Azerbaijan.
Initial testing revealed a potential of 100 barrels of oil per day, far below the 700bopd target based on production at an adjacent well.
The C-37 well was drilled at a total depth of 4,350 metres, encountering three layers of oil and gas shows for total pay of 16 metres.
The Canadian oiler encountered technical issues as the liner hanger system failed to set and said it is investigating the matter with the manufacturer.
Shares plummeted 23.51% to 2.94p at noon.
Source: proactiveinvestors.com.au
More news
Venezuela oil sector hit by loss of its widest US license
bp Begins Oil Production From Major New Platform Offshore Azerbaijan
WTI crude oil forecast: Price action unconvincing despite strong tailwinds, fat tail risks
SLB picks up three contracts from Petrobras
Newsletter
Keep informed with the latest project and contract developments from around the globe
