Zenith Energy terminates exploration in Azerbaijan

Zenith Energy Ltd. and SOCAR (State Oil Company of the Azerbaijan Republic) have agreed to terminate the 25-year contract exploration area (CEA) rehabilitation, exploration, development, and production sharing agreement (REDPSA).

Following the termination of the CEA, the Zenith no longer has any oil production or exploration interests in the Republic of Azerbaijan.

Zenith’s Azerbaijan subsidiary recently received payments for a total of about $85,000 from SOCAR for past oil production and expects to receive final payment in due course from SOCAR.