Zenith Energy Ltd Acquisition of Tilapia for GBP200,000 (9593J)
17 4월 2020 - 3:30PM
UK Regulatory
TIDMZEN
RNS Number : 9593J
Zenith Energy Ltd
17 April 2020
April 17, 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")
Acquisition of Tilapia for GBP200,000
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME), the listed international oil & gas
production company focused on pursuing African development
opportunities, is pleased to announce that it has successfully
renegotiated the terms for the acquisition from AIM listed Anglo
African Oil & Gas plc ("AAOG") of its fully owned subsidiary in
the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U,
("AAOG Congo") which has a 56 per cent. majority interest in, and
is the operator of, the Tilapia oilfield in the Republic of the
Congo (the "Licence").
The Company has entered into a new conditional Deed of Variation
(the " Deed of Variation") which now includes the acquisition of a
100 per cent . interest in AAOG Congo and related intercompany
loans (the "Acquisition") for a revised total consideration of
GBP200,000 ("Revised Consideration").
The aforementioned variation to the terms of the Acquisition
means that completion ("Completion") will occur after the passing
of a resolution (the "Resolution") to be put to shareholders of
AAOG at a general meeting (the "GM"). Completion of the Acquisition
is therefore no longer conditional on certain regulatory approvals
being obtained in the Republic of the Congo.
Under the terms of the Deed of Variation for the Acquisition,
payment of the Revised Consideration will solely depend upon the
passing of the Resolution at the GM by AAOG shareholders.
Payment of the Revised Consideration is expected to be made on
the next business day following the date of the Resolution being
passed.
In addition, AAOG will novate 100% of the intercompany loans
with AAOG Congo to Zenith as of the date of Completion, equivalent
to approximately GBP12.5 million .
As previously announced, AAOG Congo is owed approximately US$5.3
million by Société Nationale des Pétroles du Congo ("SNPC") as a
result of past work performed on the Licence.
Following Completion, the Company will assume responsibility of
all ongoing costs and liabilities in relation to AAOG Congo. Zenith
expects to implement a series of cost-cutting measures at AAOG
Congo to improve profitability, especially in reaction to the
significant recent decline in oil prices.
Andrea Cattaneo, Chief Executive Officer, commented:
"Acquiring a 56 percent interest in the potentially
transformational Tilapia oilfield, as well as 100% of the
approximately US$5.3 million in receivables, for a consideration of
GBP200,000 is a fantastic result made possible by the exceptional
circumstances brought about by the COVID-19 pandemic, as well as
the current low oil price environment.
We are fully confident that the necessary regulatory approval
process in the Republic of the Congo for the transfer of ownership,
as well as negotiations for a 25-year renewal of the Tilapia
licence, will conclude positively, having been delayed due to the
difficulties caused by COVID-19.
I believe we have obtained significant value for Zenith
shareholders by concluding the transaction under the revised terms
and I look forward to delivering further good news in due
course."
Further Information:
Zenith Energy Ltd.
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Novum Securities Limited - Broker Tel: + 44 (0) 207
399 9400
-----------------------------
Colin Rowbury
-----------------------------
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. Zenith's development strategy is to identify and rapidly
seize value-accretive hydrocarbon production opportunities in the
onshore oil & gas sector, specifically in Africa. The Company's
board of directors and senior management team have the experience
and technical expertise to develop the Company successfully.
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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