Zenith Energy Ltd said Monday it completed two geological studies at oilfields in Azerbaijan.

The oil & gas production company completed two comprehensive geological studies to "optimise the selection of potential drilling locations and workover opportunities" in the Muradkhanli, Jafarli and Zardab oilfields.

At the Muradkhanli and Jafarli oilfields the company was able to identify a new mesozoic carbonate prospect running across the fields.

The study also provided the company with a modern re-evaluation of the reservoir levels which allowed it to select new drilling locations.

At the Zardab oilfield the company identified the main producing target reservoirs.

"The study has confirmed the company's belief in the significant untapped potential of the Zardab field, enabling the identification of several high-value drilling and workover opportunities," Zenith added.

The company's work programme in Azerbaijan is currently under review. Zenith expects to provide a new strategy for the rest of 2018 as soon as the review is completed.

Zenith Energy shares were 2.7% higher at 3.85 pence each on Monday.