Zenith Energy’s chief executive has decided to forgo his salary for the next year.
Andrea Cattaneo has made a proposal to the board that he swap his year’s earnings for common shares in Zenith.
The company leader said: “In a clear indication of my strong belief in the potential of Zenith’s future, I am pleased to announce my remuneration in equity. This proposal stems from my strong belief in the company.
“I trust shareholders of Zenith will view my commitment positively and recognise the real value of the company.
“I am determined to see the success of Zenith.”
Zenith is a Canadian oil & gas exploration and production company, listed on the London Stock Exchange.
Zenith operates the largest onshore oil field of Azerbaijan through its fully owned subsidiary, has oil fields in Argentina and significant gas producing assets in Italy. The company’s Italian operations also include the production of electricity and condensate.
“The company prefers to invest in areas where infrastructure already exists and to apply its expertise in modernizing pre-dating equipment and making oil practices more efficient”, according to its website.
Zenith Aran Oil Company Limited is a British Virgin Islands Company, registered in Azerbaijan, 100% owned by Zenith Energy Ltd.
It holds a contract area, which includes the active Muradkhanli, Jafarli and Zardab oil producing sites and is located in the Lower Kura Region, 240 kilometres inland from the capital city of Azerbaijan: Baku.
Current production averages 300 barrels of oil per day with historical peak production at this block reaching 9,000 bopd during the Soviet Union period after oil extraction began in 1971.
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