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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Says it is finalising plans to reactivate the Sant'Andrea natural gas production concession, onshore Italy, in which it holds a 40% interest through its Italian subsidiary. Production is expected to start in the final quarter of 2022. The concession covers 164.3 kilometres. It was first granted in 1992 and is due to expire in 2027. Two wells have been drilled in the concession, Antonio-1 and Anzano-1. Company intends to reactivate the Antonio-1 well, with an expected initial production rate of 1,300 cubic metres of natural gas a day. Estimated net revenue are expected between €40,000 to €50,000 per month.
Current stock price: 0.73 pence, untraded on Wednesday in London
12-month change: down 22%
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