Zenith Energy has provided an update in respect of its Tunisian onshore oil production portfolio comprised of the Robbana and El Bibane concessions, both wholly owned by a subsidiary of the Company.
Zenith can confirm that approximately 11,500 barrels of crude oil are presently held in stock and that an international lifting of crude oil is expected to take place on or before the close of October 2024.
Production from Robbana and El Bibane has been irregular, with various interruptions due to delays in payment of staff salaries resulting from the non-payment of past oil production, as well as delays suffered by the Company in selling its stock of crude oil due to unexplained obstructions in facilitating crude oil liftings from the Tunisian authorities.
The Company can confirm that it is working towards ensuring that the salaries of field personnel are fully settled, and that production is expected to resume on or before August 19, 2024, at a cumulative total rate of 90 bopd from both concessions.
Andrea Cattaneo, Chief Executive Officer, commented:
'The Company, its shareholders and employees have continued to suffer damage because of the arbitrary behaviour of the Tunisian authorities.
Notwithstanding the great difficulties caused by the various arbitrary obstructions, we have sought in good faith to make every reasonable effort to continue operating the Robbana and El Bibane concessions in full compliance with our obligations.
We shall apply our best endeavours to complete the international crude lifting on or before October 2024, not long before the expected publication of the decision for the ICC Arbitration initiated against ETAP for non-payment of oil production in respect of other assets held by the Company in Tunisia.'
Source: Zenith Energy
