Zenith Energy Ltd Establishment of Norwegian Subsidiary (4072B)
30 1월 2020 - 4:01PM
UK Regulatory
TIDMZEN
RNS Number : 4072B
Zenith Energy Ltd
30 January 2020
January 30, 2020
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Establishment of Norwegian Subsidiary
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 the establishment of its
fully owned Norwegian subsidiary, Zenith Energy AS ("Zenith
Norway").
As announced on December 9, 2019, Zenith intends to use Zenith
Norway as a vehicle for intended participation in future licensing
bids to be organised by the Norwegian Ministry of Petroleum and
Energy, as well as to actively pursue the potential acquisition of
working interests in mature energy production assets across
Northern Europe.
To this end, the Company will mandate a leading Norwegian law
firm to advise on the process of obtaining pre-qualification status
for the acquisition of participating interests in Norwegian
Continental Shelf ("NCS") energy production licenses.
The pre-qualification process entails a general assessment by
the Norwegian authorities of Zenith's eligibility to become a
licensee. Upon the successful achievement of pre-qualification
status, in order to qualify as a licensee, Zenith will need to
complete a transaction and obtain approval to become a licensee or
operator for the specific production license from the Norwegian
Ministry of Petroleum and Energy and the Ministry of Finance.
The necessary formalities for Zenith Norway's establishment are
expected to be completed within 7 working days.
The abovementioned strategic objectives are expected to be
funded by the issuance of the Company's recently announced
unsecured, multi-currency Euro Medium Term Notes programme for an
amount of up to EUR 25,000,000.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to have formally established our presence in
Norway and look forward to successfully obtaining pre-qualification
status, the first step towards becoming a licensee.
The Company is exploring a number of avenues to enrich our
portfolio at a time of great opportunity for counter-cyclical
expansion."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
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E-mail: info@zenithenergy.ca
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Novum Securities Limited - Broker Tel: + 44 (0) 20 7399
9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
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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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