Zenith Energy Ltd Put and Call Option with AAOG (3855A)
21 1월 2020 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 3855A
Zenith Energy Ltd
21 January 2020
January 21, 2020
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")
Put and Call Option with AAOG
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company, is pleased to announce that it has entered into
the put and call option agreement ("Put and Call Option Agreement")
with Anglo African Oil & Gas plc ("AAOG") over the residual
holding of 20 percent in Anglo African Oil & Gas Congo SAU
("AAOG Congo") that AAOG will retain ("the Residual Shares")
following the signing of a conditional share purchase agreement
("SPA") for Zenith's acquisition of an 80 percent interest in AAOG
Congo (the "Acquisition").
The Put and Call Option Agreement incorporates the key
provisions of the agreed term sheet for the put and call option
agreement with AAOG which were announced by the Company on January
13, 2020.
As announced on December 27, 2019, the SPA is conditional, inter
alia, on the passing of an ordinary resolution of shareholders in
AAOG in a General Meeting, to be held on January 13, 2020,
approving the Acquisition and certain regulatory requirements in
the Republic of the Congo, including consent of the Minister of
Hydrocarbons ("Completion").
On January 13, 2020, the Company announced that the shareholders
of AAOG had passed the resolution presented at the general meeting
held on January 13, 2020 to approve the sale of 80 percent of the
shares in AAOG Congo to Zenith.
The Company is working towards the fulfilment of the remaining
conditions precedent in order to achieve Completion.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Novum Securities Limited - Broker Tel: + 44 (0) 20 7399
9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial PR Tel: + 44 (0) 20 3934
& IR 6630
-----------------------------
Graham Herring
-----------------------------
Zach Cohen
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange(LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 9, 2019 by Arc
Ratings, S.A. On November 18, 2019, the Company was assigned a "B+"
with Stable Outlook debt issuer credit rating by Rating-Agentur
Expert RA.
The Company operates the largest onshore oilfield in Azerbaijan
by cumulative acreage following the signing of a 25-year REDPSA,
(Rehabilitation, Exploration, Development and Production Sharing
Agreement), with SOCAR, State Oil Company of the Republic of
Azerbaijan, 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, condensate and
electricity.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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January 21, 2020 02:00 ET (07:00 GMT)
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