Zenith Energy Ltd Receipt of payments from SOCAR (5752K)
23 4월 2020 - 3:30PM
UK Regulatory
TIDMZEN
RNS Number : 5752K
Zenith Energy Ltd
23 April 2020
April 23, 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")
Receipt of payments from SOCAR
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME), the listed international oil & gas
production company focused on African development opportunities, is
pleased to provide an update on its operations in Azerbaijan.
The Company continues to operate the Contract Rehabilitation
Area ("CRA") generating a daily production of approximately 180
barrels of oil per day.
As announced on March 2, 2020, the Company is currently
formalising the handover process of the CRA (the "Handover") to
SOCAR. Zenith expects the Handover to be completed during the next
20 business days.
Upon completion of the Handover, the Company will no longer have
any oil production operations in Azerbaijan and all field
production personnel, approximately 171 employees, will be
transferred to SOCAR. The Company can confirm that all salary
obligations towards the aforementioned employees are fully
satisfied at this time.
The Company is pleased to confirm that its Azerbaijan subsidiary
has recently received two payments for a total of approximately
US$350,000 from SOCAR.
It is anticipated that total receivables from oil sales towards
Zenith's local subsidiary will amount to a total of approximately
US$1,200,000 once the Handover is completed and that payment will
be received shortly thereafter.
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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April 23, 2020 02:30 ET (06:30 GMT)
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