IN BRIEF: Zenith Energy eyes increased electricity production in Italy

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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Produces a total of 875.6 megawatt hours at its Torrente Cigno concession in Italy during the month of May. Electricity prices during the month averaged €223 per megawatt hours, resulting in net revenue of €195,000. Zenith adds that its current production costs remain fixed at €35,000 per month.

Chief Financial Officer of Italian operations Luca Benedetto says: ‘Zenith's Italian electricity production operations continue to deliver sustained, highly material profitability. We have performed certain maintenance work during the month of May 2022 at Torrente Cigno, and have further work planned throughout this month, with a view to increasing our production during the second part of 2022.’

Current stock price: 0.86 pence

12-month change: down 4.9%

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