KEYFACT Energy
Zenith Energy today 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, approximately 170 employees, have been transferred to a division of SOCAR.
Receipt of Payment
The Company confirmed that its Azerbaijan subsidiary has recently received a payment for oil production of approximately US$508,000 from SOCAR.
KeyFacts Energy: SOCAR Azerbaijan country profile