Key Highlights

During the financial year ended March 31, 2022, the Company:

• Generated revenues from the production of oil, gas, and electricity of CAD$8,239,000 (2021 – CAD$596,000).
• Held inventory awaiting sale of 116,391 barrels of crude oil that had been produced in Tunisia.
• Produced and sold 131,556 Mcf of natural gas from its Italian assets (as compared to 12,713 Mcf for the corresponding period for the financial year ended March 31, 2021).
• Recorded an after-tax profit of CAD$64,437,000 (compared to an after-tax profit of CAD$3,525,000 for the financial year ended March 31, 2021).

Luca Benedetto, Chief Financial Officer, commented:

“This positive set of results for the 2022 FY clearly demonstrate the Company’s unprecedented revenue generation which has been supported by the favourable energy pricing environment. During the period, the Company also displayed strong attention to cost control, whilst continuing to pursue an ambitious growth programme in respect of developing the existing portfolio and acquiring new assets. Additionally, Zenith’s operating results have markedly improved over the corresponding period for the past financial year, and we expect this trend to continue into 2023.

As we look towards the next financial year, it is our intention to take every necessary step in the near-term to ensure that our production activities are maximised, and, with equal focus, that our portfolio is enriched by the acquisition of new assets that can contribute, potentially in a transformational manner, to the sustained, long-term profitability of the Company.”

-ENDS-


Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer
Tel: +1 (587) 315 9031
E: info@zenithenergy.ca