Zenith Energy Ltd (LON:ZEN) has detailed further drilling plans as it awaits the mobilisation of a rig to its projects in Azerbaijan.
The company, in a statement, noted that it continues to expect the rig to mobilise before the end of October and, today, it revealed intentions to drill further wells.
As part of this future programme, the company said it had identified the M-247 well in the Muradkhanli oilfield as having a highly prospective opportunity for either a deepening or sidetrack well.
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The M-247 well has not produced since 1990 but the company sees potential in the Middle Eocene and Upper Cretaceous formations.
It is positioned in proximity to Lake Sarisu and the company noted that a certain civil works will be needed before the location is accessible in the winter season.
Zenith also noted that its geology team has identified opportunities in a number of existing wells at Muradkhanli where it could deliver new perforations into previously untapped intervals.
It plans to start a programme of new perforations in the next ten days.
"We are taking all the necessary steps to materially increase our daily production of oil and formulate a clear plan to optimise the execution of our potentially transformational drilling activities,” said Andrea Cattaneo, Zenith chief executive.