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Zenith to reactivate Sant'Andrea concession in Italy

Published by , Editorial Assistant
Oilfield Technology,

Zenith, the energy company with proven revenue generating production, exploration, and development assets in Africa and Europe, announces that it is finalising plans to reactivate the Sant'Andrea natural gas production concession located in onshore Italy, with production expected to commence in 4Q22.

The Concession covers 164.32 km2 and is located in the Veneto region of North-Eastern Italy. It was first granted in 1992 and is due to expire in 2027. Two wells have been drilled within the Concession, namely S. Antonio-1 and Anzano-1.

The Company plans to reactivate the S. Antonio-1 well, with an expected initial production rate of 1300 m3 of natural gas per day. Monthly fixed production costs are expected to be approximately €3000 with estimated net revenues of approximately €40 000 to €50 000 per month.

Zenith, via its Italian subsidiary, holds a 40% interest in the Concession. The Company's partners in Sant'Andrea have communicated that they do not intend to fund the reactivation of the Concession. Zenith will therefore receive full entitlement to the production revenue to be received from Sant'Andrea, as well as bearing the full costs associated with reactivation of the Concession (approximately €20 000).

Luca Benedetto, Chief Financial Officer, and Managing Director of Italian operations, commented: "We have embarked on a gradual strategy of optimising our Italian portfolio, parts of which have remained dormant for some time, in the context of the increasing necessity for European domestic energy security and a highly encouraging pricing climate. It is our intention to continue to assess other, potentially much larger, opportunities for development within our Italian portfolio in the foreseeable future."

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