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Zenith Energy completes handover of Azerbaijan assets to SOCAR

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Oilfield Technology,

Zenith Energy has announced that the handover process of the Contract Rehabilitation Area (CRA) to SOCAR in the Republic of Azerbaijan has now been successfully concluded.

As a result of the handover, Zenith has ceased all oil production operations in Azerbaijan and all field production personnel, approximately 170 employees, have been transferred to a division of SOCAR.

The company has confirmed that its Azerbaijan subsidiary has recently received a payment for oil production of approximately US$508 000 from SOCAR.

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