Zenith Energy Ltd Update on Acquisitions (8492F)
12 3월 2020 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 8492F
Zenith Energy Ltd
12 March 2020
March 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")
Update on Acquisitions
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company, provides the following update in view of the
recent volatility in oil prices and financial markets.
As announced to the market, Zenith has centred its strategic
focus on pursuing large-scale, revenue generating oil production
and development opportunities in Africa.
Zenith is in the process of finalising the following, publicly
announced, acquisitions:
-- Acquisition of an 80 percent interest in Anglo African Oil
& Gas S.A.U ("AAOGC"), operator of the potentially
transformational Tilapia oilfield in the Republic of the Congo with
a 56 percent interest. Completion of the acquisition of AAOGC
remains conditional on certain regulatory requirements in the
Republic of the Congo which the Company is expecting to achieve
imminently.
-- Final stage negotiations with a national authority in West
Africa for an oil production asset, formerly operated by a major
international oil company, which last produced at a rate in excess
of 1,000 barrels of oil per day. Zenith is pleased to confirm that
negotiations have now been extended to also include the possible
acquisition of a second asset, operated by an international oil
major, currently producing 600 barrels of oil per day. The Company
believes that the potential acquisition of the aforementioned
assets represents a significant opportunity to materially increase
Zenith's near-term oil production and, in turn, achieve sizeable
revenue generation upside.
-- Exclusivity Agreement for a working interest in an onshore
oil production asset in Tunisia currently producing at a rate of
approximately 700 barrels of oil per day, generating gross annual
revenues of approximately US$15 million ("Tunisian Acquisition").
Zenith is currently performing its due diligence process with the
objective of finalising the transaction in due course. Completion
of the Tunisian Acquisition will be subject to approval from the
national oil company of Tunisia, Entreprise Tunisienne d'Activités
Pétrolières (ETAP). Zenith is advanced negotiations with an
international oil major to sign an offtake agreement for the
asset's future oil production in order to fund the Tunisian
Acquisition.
-- Acquisition of Coro Energy Plc's Italian natural gas
production and exploration portfolio ("Italian Acquisition").
Completion of the Italian Acquisition is conditional on the
necessary regulatory approvals being obtained from the Italian
Ministry for Economic Development. Upon completion, Zenith will
become one of Italy's leading natural gas producers with an
increase in Italian gross production revenue of approximately 410%,
and an expected yearly gross revenue of approximately EUR3.6
million. It is therefore expected that, upon completion of the
Italian Acquisition, Zenith will have a daily total cumulative
production from its enlarged Italian portfolio of approximately
65,000 standard cubic meters (approximately 382 BOE per day).
Andrea Cattaneo, Chief Executive Officer, commented:
"The recent steep decline in oil prices as a result of world
events has particularly impacted financial markets, whilst also
presenting new opportunities to acquire highly prospective oil and
natural gas production assets at advantageous terms.
We are currently in the process of completing a series of
transformational acquisitions that, by virtue of their material
existing production, or near-term highly prospective production
potential in the case of Tilapia, will enable Zenith to rapidly
enlarge and diversify its portfolio at a time of great opportunity
for companies with a clear strategic focus."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
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E-mail: info@zenithenergy.ca
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Novum Securities Limited - Tel: + 44 (0) 207
Broker 399 9400
-----------------------------
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.
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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