Posted: May 26, 2023 3:23 a.m. ET
By Anthony O. Goriainoff
Zenith Energy said on Friday it was reviewing the potential acquisition of a selection of oil production and development assets in Texas, California and Oklahoma, but no terms have been finalized at this stage.
The energy company, listed in London and Oslo, said that if these potential acquisitions were…
By Anthony O. Goriainoff
Zenith Energy said on Friday it was reviewing the potential acquisition of a selection of oil production and development assets in Texas, California and Oklahoma, but no terms have been finalized at this stage.
The energy company, listed in London and Oslo, said that if these potential acquisitions were made, a production rate of around 300 barrels of oil to 500 barrels of oil per day could be achieved.
The company said drilling could be done at relatively low cost and without significant delay given the ready availability of equipment, and that the average total depth of producing wells ranged from 500 meters to 2,000 meters.
The company said the potential transactions do not represent a change in strategy or a departure from its business development goals in Africa, the Middle East or Italy.
“However, given some attractive opportunities to increase our daily oil production in a stable jurisdiction at a time of favorable energy prices, we have not been shy about exploring these avenues pending potential positive developments. regarding our publicly announced activities in other regions of interest,” said Managing Director Andrea Cattaneo.
Shares at 07:14 GMT were flat at 0.43 pence.
Write to Anthony O. Goriainoff at [email protected]
