Zenith Energy Ltd Negotiations for drilling rig in the Congo (1225E)
26 2월 2020 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 1225E
Zenith Energy Ltd
26 February 2020
February 26, 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")
Negotiations for drilling rig in the Congo
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 is in advanced
negotiations to contract a drilling rig to perform planned drilling
operations in the Republic of the Congo.
As previously announced, Zenith has agreed to acquire an 80
percent interest in Anglo African Oil & Congo S.A.U ("AAOG
Congo"), which has a 56 percent majority interest in, and is
operator of, the Tilapia oilfield in the Republic of the Congo
("License"), by way of a conditional share purchase agreement
("SPA") with AIM quoted Anglo African Oil & Gas plc
("AAOG").
The SPA remains conditional on certain regulatory requirements
in the Republic of the Congo, including consent of the Minister of
Hydrocarbons ("Completion").
As announced on February 11, 2020, the Company has identified
two suitable drilling rigs, both of which are in the proximity of
the License, thereby significantly reducing mobilisation costs, to
perform planned drilling operations in the License.
The Company can today confirm that it is in advanced
negotiations to contract one of the aforementioned drilling rigs,
which is currently being used by an international oil major in a
neighbouring oilfield and is expected to become available during
the next 30 days.
Zenith intends to commence drilling operations during April 2020
following Completion.
Funding for planned drilling operations in Tilapia is expected
to be provided by means of Zenith's publicly announced EUR 25
million EMTN programme, as well as certain repayments due to AAOG
Congo from Société Nationale des Pétroles du Congo ("SNPC") as a
result of past work performed on the License for a total amount of
approximately US$5.3 million. In accordance with the terms of the
SPA, Zenith will retain 80 percent of the aforementioned amount
upon Completion.
Andrea Cattaneo, Chief Executive Officer, commented:
"It is the Board's view that there is significant potential for
near-term value creation in Zenith's equity due to a number of
business development activities we are pursuing, foremost amongst
which is Completion of the AAOG Congo acquisition and the planned
drilling activities in the Mengo and Djeno horizons.
Management and I remain fully focussed on achieving Completion,
having recently met extensively with all the relevant authorities
in the Republic of the Congo.
As evidenced by our advanced negotiations with a local drilling
contractor, we intend to commence operational activities without
delay once Completion is achieved."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
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Novum Securities Limited - Broker Tel: + 44 (0) 207
399 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
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.
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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