Zenith’s Italian subsidiaries operate, or have working interests in, a number of electricity production assets from renewable energy sources or natural gas.
6 operated onshore gas production concessions
Zenith has a broad portfolio of interests in onshore natural gas production and exploration assets across Italy. These include:
- Masseria Grottavecchia (20% working interest)
- San Teodoro (100% working interest)
- Torrente Cigno (45% working interest in natural gas production; 100% ownership of 4 gas powered electricity generation units onsite)
- Misano Adriatico (100% working interest)
- Sant’ Andrea (40% working interest)
- Masseria Petrilli (50% working interest)
3 non-operated onshore gas production concessions
- Masseria Acquasalsa (8.8% working interest)
- Lucera (13.6% working interest)
- San Mauro (18% working interest)
Approx. monthly Electricity production from natural gas: 1,000 MWh
Production
At Torrente Cigno, low-grade natural gas production is used to generate profitable electricity production of approximately 1,000 MWh per month. Italy offers attractive opportunities for junior exploration and production companies, specifically in relation to natural gas. We consider the key advantages of operating in Italy to be the following:
- Zenith operates in established hydrocarbon producing areas, where there is a strong understanding of the geology and development potential of the assets, as well as a ready availability of logistical infrastructure and oilfield service companies.
- A low-risk jurisdiction with a strong EU regulatory framework.
- An established hydrocarbon producing country, with a long and successful history of natural gas production and exploration across its territory spearheaded by ENI.
- Italy’s economy is heavily dependent on oil and gas. The large import of natural gas to satisfy Italian energy requirements further reinforces the importance and commercial value of domestic production.
Development potential
Zenith’s Italian natural gas production portfolio holds significant potential for development and increased energy production. The development programme is primarily concentrated on the Torrente Cigno concession, where the Company has plans to drill a development well, to be named MV-2, to explore the updip structure of the Miocenic and Cretaceous carbonates formations.
To accelerate the growth of our Italian division and to build a forward-looking energy production portfolio, the Company has expanded its electricity production activities to include renewable energy production, specifically solar energy.
Various acquisitions were first announced towards the close of the 2025 financial year, with completion of the first acquisition taking place subsequent to the close of the financial year during May 2025.
For that purpose, a new Italian subsidiary was created in April 2025, named WESOLAR S.R.L.
The Board views the creation of a solar energy production portfolio as an important area of focus for the future
successful growth of the Company.
Approx. 50 MWp – Solar Energy Portfolio Pipeline
Zenith’s Solar Energy Portfolio now includes:
PRODUCTION
- Liguria Solar Asset: 0.5 MWp (currently producing at 0.2 MWp)
READY-TO-BUILD
- Puglia Solar Asset: 3 MWp
DEVELOPMENT STAGE
- Agrivoltaic Development Project in Piedmont: 7 MWp
- Agrivoltaic Development Project in Lazio: 10 MWp
- Agrivoltaic Development Projects in Piedmont: 30 MWp
Development potential
The Company views solar energy electricity production as a core strategic pillar for the achievement long‑term revenue generation and growth.
To this end, it has built a diversified mix of operational, ready‑to‑build and development assets, spread across the regions of Liguria, Puglia, Lazio and Piedmont.
Seven of the Company’s projects are in the development stage, with a combined capacity of 47 MWp, and are expected to reach ready-to-build status within 12–16 months.
The Company plans to finance the development of its solar energy portfolio via a combination of specialised lenders in the renewable energy industry, manufacturer financing, as well its own financial resources.