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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Zenith Energy Ltd    ZEN   AU000000ZEN5

ZENITH ENERGY LTD

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Zenith Energy : starts well deepening operations at Azerbaijan's Jafarli field

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08/06/2019 | 12:20am EDT

Canada's Zenith Energy company began C-37 well deepening operations at Azerbaijan's Jafarli oil field on July 26, 2019, Trend reports citing the company, which is the operator for development of Muradkhanli-Jafarli-Zardab oil fields onshore Azerbaijan.

The сompany confirmed that it has successfully retrieved well C-37's entire kill string amounting to approximately 1,000 meters of tubing.

The сompany said it has subsequently begun the process of installing a new API standard 5,000 working pressure tubing spool complete with tubing hanger seat and a new wellhead. Zenith Energy said it has taken this decision in order to mitigate the risks of potential difficulties arising as a result of wellhead failures which had been encountered in previous operations.

"A new BOP system, inclusive of an accumulator unit, choke manifold and remote controls will be subsequently connected as soon as the aforementioned installation is completed. At the same time, the сompany has initiated the preparation of drilling fluids in anticipation for the imminent beginning of drilling activities," said Zenith.

Zenith said no equipment failures have been registered and that all equipment associated with the BD-260 drilling rig has functioned as planned.

In addition, the сompany confirmed that it has received all the necessary approvals from the local authorities for the beginning of drilling activities following a full rig inspection carried out on July 29, 2019.

Azerbaijan's state oil company SOCAR and Zenith Aran Oil Company signed a Rehabilitation, Exploration, Development and Production Sharing Agreement (REDPSA) in March 2016 for a block that includes the Muradkhanli, Jafarli and Zardab oil fields. Zenith Energy Ltd established its subsidiary company Zenith Aran Oil Company Ltd for production operations in these three fields. Production under the agreement began in August 2016.

Zenith holds an 80-percent participating interest in the three fields within the contract area, while SOCAR retains the remaining 20 percent. The agreement is for 25 years, with a potential extension by five additional years.

The total area of the Muradkhanli, Jafarli and Zardab fields is 642.2 square kilometers, and according to the contract, it is divided into rehabilitation and exploration territories.

The Muradkhanli-Jafarli-Zardab block is located in the Yevlakh-Agjabadi oil and gas region of Imishli district of Azerbaijan. The Muradkhanli field was discovered in 1971, Jafarli - in 1984, and Zardab - in 1981.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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