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, approx. 170 employees, have been transferred to a division of SOCAR.
Receipt of Payment
The Company has confirmed that its Azerbaijan subsidiary has recently received a payment for oil production of approx. US$508,000 from SOCAR.
Zenith Energy operated the largest onshore oilfield in Azerbaijan by cumulative acreage following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016.
Source: Zenith Energy