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.