new-recommended-broker-banner new-recommended-broker-banner
Practice Stock Trading Your Capital Is At Risk

Zenith Energy Share Price Rises As ROB-1 Workover Progresses

Updated: 12 Oct 2021

Zenith Energy (LON: ZEN) has seen its shares rise after it reported that workover of the Robbana-1 well (ROB-1) is progressing successfully.

The ROB-1 well is located in the Robbana concession, onshore Tunisia.

ROB-1 has not undergone any form of well intervention since 2012 and was producing at a stabilised rate of approximately 20 barrels of oil per day (bopd) before the start of workover operations.

new-recommended-broker-banner

Zenith said the well completion string has been fully pulled out of the wellbore, encountering approximately 200 hundred meters of paraffin and wax deposits cleared by reverse circulation using diesel fuel.

The company will proceed with the bottom the hole cleaning and scraping of the casing to be followed by installing a new tubing anchor and sucker rod pump supplied by Weatherford. The operations are expected to end during the next 10 days.

If successful, Zenith expects a new stabilised production rate in a range between approximately 60-80 bopd.

“The team looks forward to successfully completing Zenith's first well intervention in Tunisia. A projected increase of approximately 40-60 barrels of oil per day will, in the current high oil price environment, result in significant additional revenue and associated profitability,” said Andrea Cattaneo, CEO of Zenith.

Zenith Energy shares are up 3.16% at 1.11p on Tuesday.

Should You Invest in Zenith Energy Shares?

One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .