TIDMZEN
RNS Number : 6935C
Zenith Energy Ltd
12 February 2020
February 12, 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")
Potential acquisition of major production asset, West Africa
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
final stage negotiations with a national oil authority to secure a
material oil production license in West Africa. ("Potential
Acquisition")
The Potential Acquisition, formerly operated by a major
international oil company, last produced at a rate in excess of
1,000 barrels of oil per day.
Following extensive due diligence, the Company believes an
initial production rate of approximately 1,000 barrels of oil per
day can be achieved via a rehabilitation programme, the costs of
which Zenith expects will be repaid within a timeframe of 2-3
months once production has successfully been restored using a
conservative oil price benchmark of US$40 per barrel.
The Potential Acquisition is in line with the Company's strategy
of identifying near-term, existing production assets which do not
require material upfront capital investment and have the potential
to fulfil Zenith's mid-cap development objectives.
Andrea Cattaneo, Chief Executive Officer, commented:
"We believe the acquisition of the asset could represent a
unique opportunity for achieving a quantum leap in Zenith's
development. The Potential Acquisition will complement our recent
acquisition in the Republic of the Congo and enlarge our footprint
in a prolific oil production region.
I take the opportunity to thank our advisors who have enabled us
to achieve rapid progress in pursuing development opportunities in
Africa during recent months.
I look forward to providing further updates in due course."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
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E-mail: info@zenithenergy.ca
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Novum Securities Limited - Broker Tel: + 44 (0) 207 399
9400
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Charlie Brook-Partridge
-----------------------------
Hugh McAlister
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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. 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.
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.
Forward-looking statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward-looking statements
regarding a proposed acquisition in West Africa. The
forward-looking statements and information are based on certain key
expectations and assumptions made by Zenith, including the ability
to execute its strategy and realise its growth opportunities, as
well as its ability to finance and execute its plans. Although
Zenith believes that the expectations and assumptions on which such
forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because the Company can
give no assurance that they will prove to be correct. All timing
given in this announcement, unless stated otherwise is indicative
and while the Company endeavours to provide accurate timing to the
market, it cautions that due to the nature of its operations and
reliance on third parties this is subject to change often at little
or no notice. By its nature, such forward-looking information is
subject to certain risks and uncertainties (both general and
specific) that could cause actual events or outcomes to differ
materially from those anticipated or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, Zenith being unable to finance or realise
growth opportunities. Readers are cautioned not to place undue
reliance on this forward-looking information, which is given as of
the date hereof, and to not use such forward-looking information
for anything other than its intended purpose. Zenith undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law. The forward-looking
information contained herein is expressly qualified by this
cautionary statement.
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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February 12, 2020 02:00 ET (07:00 GMT)
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