Zenith Energy announces termination of exploration in Azerbaijan

Zenith Energy, the listed international oil & gas production company focused on pursuing African development opportunities, has announced that, in agreement with SOCAR (State Oil Company of the Azerbaijan Republic), the Contract Exploration Area (‘CEA’) of its 25-year REDPSA (Rehabilitation, Exploration, Development and Production Sharing Agreement) has been terminated.

Following the termination of the CEA, the Company no longer has any oil production or exploration interests in the Republic of Azerbaijan.

Receipt of Payment

The Company is pleased to confirm that its Azerbaijan subsidiary has recently received payments for a total of approximately US$85,000 from SOCAR for past oil production.

Further, the Company’s local subsidiary expects to receive a final payment in due course from SOCAR and shall update the market accordingly upon receipt.

Source: Energy-pedia