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Zenith Energy pulls extra barrels out of the hat

Continued flow testing of the well recorded a production rate of 285 barrels of oil per day (bopd), a significant upgrade from the initial testing of 100 bopd announced last week

Zenith Energy Ltd - Zenith Energy pulls extra barrels out of the hat
It is still far from the 700 bopd target based on production at an adjacent well

Zenith Energy Ltd (LON:ZEN) (CVE:ZEE) has updated the well results at the Jafarli oilfield in Azerbaijan, where it started operations in August.

Continued flow testing of the well recorded a production rate of 285 barrels of oil per day (bopd), a significant upgrade from the initial testing of 100 bopd announced last week.

READ: Zenith Energy disappoints with Azerbaijan well results

It is still far from the 700 bopd 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.

Zenith Energy was contacted for comment.

Shares were up 35.20% to 3.21p in the early afternoon.

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Price: 0.69 AUD

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