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Zenith Energy disappoints with Azerbaijan well results

Initial testing revealed a potential of 100 barrels of oil per day, far below the 700bopd target based on production at an adjacent well

Zenith Energy Ltd - Zenith Energy disappoints with Azerbaijan well results
The company operates the Jafarli oilfield in Azerbaijan

Zenith Energy Ltd (LON:ZEN CVE:ZEE) disappointed investors with the long-awaited results of its well at the Jafarli oilfield in Azerbaijan. 

Initial testing revealed a potential of 100 barrels of oil per day, far below the 700bopd target based on production at an adjacent well.

READ: Zenith Energy swaps out more short-term debt

The C-37 well was drilled at a total depth of 4,350 metres, encountering three layers of oil and gas shows for total pay of 16 metres.

The Canadian oiler encountered technical issues as the liner hanger system failed to set and said it is investigating the matter with the manufacturer.

Shares plummeted 23.51% to 2.94p at noon.

Quick facts: Zenith Energy Ltd

Price: 0.985 AUD

ASX:ZEN
Market: ASX
Market Cap: $147.14 m
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