Zenith Energy Ltd Update on Proposed Indonesian Acquisition (2001O)
16 5월 2018 - 3:00PM
UK Regulatory
TIDMZEN
RNS Number : 2001O
Zenith Energy Ltd
16 May 2018
May 16, 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Proposed Indonesian Acquisition
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE), the international oil & gas production company
operating the largest onshore oilfield in Azerbaijan, is pleased to
provide an update on the due diligence process (the "Due
Diligence") for the possible acquisition of an oil production asset
located in Indonesia (the "Proposed Acquisition").
The Due Diligence encompasses an evaluation of the legal,
accounting, petroleum and fiscal aspects of the Proposed
Acquisition. Zenith is pleased to report that the Due Diligence is
in progress and that the Company now expects to complete the Due
Diligence by June 15, 2018. The extension will enable the Company
to further examine certain areas of the Proposed Acquisition that
require clarity to satisfy the Company's stringent Due Diligence
requirements.
The Company's Board of Directors has decided to defer a decision
on whether to proceed with the Proposed Acquisition until the
second half of 2018 in order to focus on the near-term achievement
of its operational objectives in Azerbaijan. The Company has
exclusive rights to complete the Proposed Acquisition for a period
of 90 days from March 23, 2018.
The Proposed Acquisition remains at an early stage and there is
no guarantee that the transaction will be successfully completed.
Completion of the Proposed Acquisition remains conditional on,
inter alia, completion of satisfactory Due Diligence, the entering
into of binding agreements and financing of the Proposed
Acquisition. Zenith is considering a number of funding options to
finance the potential transaction including debt and equity, whilst
seeking to avoid significant dilution to existing shareholders.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Tel: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, dual listed on the TSX Venture Exchange and London Stock
Exchange.
The Company operates the largest onshore oilfield in Azerbaijan
following the signing of a 25-year REDPSA, (Rehabilitation,
Exploration, Development and Production Sharing Agreement), with
SOCAR, State Oil Company of the Azerbaijan Republic, in 2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, natural gas
condensate and electricity.
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector. The Company's Board of Directors and senior
management team have the experience and technical expertise to
develop the Company successfully.
To find out more, visit www.zenithenergy.ca or follow Zenith on
Twitter @zenithenergyltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQAAMMTMBTBTPP
(END) Dow Jones Newswires
May 16, 2018 02:00 ET (06:00 GMT)
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024