July 3, 2017 - 9:00 AM EDT
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Zenith Energy Ltd. Team B Strikes Success at Well M-45

(via TheNewswire)

Calgary, AB / TheNewswire / July 3, 2017 - 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 provide a positive update on operations at well M-45 in the Muradkhanli field.

Well M-45

The company has continued operations with the third party workover rig defined as Team B.

Team B has been able to catch the tubing on well M-45 which has opened up the productive zone. The well has since been stimulated and is flowing 46 BOPD. Due to the smaller sized casing above the production casing, the entire fish was not able to be pulled and was left in the hole. However, the productive zone is now open and the well can be produced. This was an overall success for team B.

The predicted production using an inflow production curve on this well shows that the Company should be able to produce 150 BOPD. The Company will test the well using compressed gas to obtain the necessary parameters to design the optimal Electric Submersible Pump (ESP) for M-45. The ESP is expected to be installed in the third week of July.

Zenith is now defining the next two wells to be worked on and will in due course make an announcement on the wells selected with their respective production histories.

Mike Palmer, Chief Operating Officer, Zenith Aran, the Company's Azerbaijan-based fully owned subsidiary, commented:

"I am very excited about the successful flow achieved at M-45. It has been a lot of hard work and we are happy to be able to move on to other workovers. We can now progress with our workover programme and have selected a series of high impact wells. We look forward to the next phase in the Company's field development."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning (i) the current and future production potential of the properties, (ii) the revenue associated with production and (iii) the pricing and profitability of oil and gas production. The forward-looking statements and information are based on certain key expectations and assumptions made by Zenith, including the ability to execute its strategy and realize its growth opportunities including its ability to finance and execute its plans. Although Zenith believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Zenith can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Zenith being unable to finance or realize growth opportunities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Zenith undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

For further information, please contact:

Zenith Energy Ltd.

Jose Ramon Lopez-Portillo

Chairman

Andrea Cattaneo

CEO & President

Email: [email protected]

Telephone: +1 (587) 315 9031

Telefax: +1 (403) 775-4474

Allenby Capital Limited - (Joint Broker)

Nick Harriss

Nick Athanas

Richard Short

Telephone: + 44 (0) 203 328 5656

Optiva Securities - (Joint Broker)

Christian Dennis

Telephone: + 44 (0) 203 137 1903

Copyright (c) 2017 TheNewswire - All rights reserved.


Source: TheNewsWire (July 3, 2017 - 9:00 AM EDT)

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