Zenith Energy Ltd (LON:ZEN, CVE:ZEE) told investors that a well programme in Azerbaijan has been a success.
The company, in a statement, said the work-over of the M-45 well at the Muradkhanli field has opened up a productive zone, and post-stimulation the well is flowing at a rate of 46 barrels of oil per day.
Predicted production, based on an inflow production curve on the well, shows that the company should be able to produce some 150 bopd, it added. An electric submersible pump (ESP) is expected to be installed in the well during the third week of July.
"I am very excited about the successful flow achieved at M-45,” said Mike Palmer, chief operating officer of Zenith’s Azerbaijan subsidiary.
“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."
Zenith is now defining plans for the next two work-over wells.