TIDMZEN
RNS Number : 0506L
Zenith Energy Ltd
28 April 2020
April 28, 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")
Manufacturing of PPE for Africa
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 announce that it is in advanced discussions to establish
a commercial PPE manufacturing enterprise, specifically protective
face masks, in the United Kingdom to combat the COVID-19
pandemic.
Rationale
-- Zenith recognises the unprecedented challenges posed by the
COVID-19 pandemic to populations across the world, especially in
developing countries with limited intensive-care capacity and where
fewer jobs can be performed remotely.
-- The Company has observed publicly reported difficulties in
the procurement and timely delivery of protective face masks across
the world.
-- Zenith intends to explore what kind of assistance may be
provided by the UK government in terms of funding to support the
establishment of PPE manufacturing in the United Kingdom.
-- The key to success for junior oil and gas production
companies such as Zenith will be the achievement of significant
reductions in its production costs in reaction to the recent
decline in oil prices, as well as the ability to safeguard the
welfare of its employees and local communities in order to ensure
unaffected oil and gas production operations.
-- In the first instance, the Company intends to export PPE
manufactured in the UK to African countries, specifically the
Republic of the Congo and other African countries where Zenith is
seeking to acquire oil and gas production assets. In a secondary
phase, the Company may establish PPE manufacturing activities in
the vicinity of its oil and gas production operations.
-- The Company believes that, whilst the pandemic will likely
slow in developed countries in the near-term, there is a probable
danger it will accelerate in developing countries, who will
therefore require sustained assistance to overcome COVID-19.
-- There is consensus that there will be increasing global
demand for PPE, including protective face masks, until an effective
vaccine for COVID-19 becomes widely available, which most experts
do not anticipate happening prior to mid-2021.
The Company can confirm that it has identified a suitable
manufacturing facility location in Northern England and is
currently in negotiations with a number of Chinese companies
selling PPE manufacturing equipment.
In addition, a business plan is being formalised for its future
UK PPE manufacturing operations to coordinate the procurement of
the materials required for the manufacturing of PPE and identify
suitable staff who will require training to operate the selected
manufacturing equipment.
It is anticipated that an order for three protective mask
manufacturing units, capable of producing up to 50,000 protective
masks per day, will be completed during the month of May 2020.
The indicative cost of each manufacturing unit is approximately
US$25,000.
Disinfectant Gel production in Pointe-Noire, Republic of the
Congo
As announced on April 17, 2020, the Company has successfully
renegotiated the terms for the acquisition from AIM listed Anglo
African Oil & Gas plc ("AAOG") of 100 per cent. of its fully
owned subsidiary in in the Republic of the Congo, Anglo African Oil
& Gas Congo S.A.U, ("AAOG Congo") which has a 56 per cent.
interest in the Tilapia oilfield.
The Company is in discussions with a local partner in
Pointe-Noire to finalise an agreement for the establishment of a
manufacturing facility for medical grade hand sanitiser
("Disinfectant Gel").
All the necessary equipment for the manufacturing of
Disinfectant Gel has already been identified and will be provided
by an Italian supplier.
Zenith expects to shortly finalise an understanding with its
local partner in order to proceed with the identification of a
suitable production location to begin production of Disinfectant
Gel for the benefit of the local population.
It is expected that the local partner will provide a production
facility location at no cost to Zenith.
Andrea Cattaneo, Chief Executive Officer, commented:
"Our core focus is the acquisition and development of revenue
generating oil and gas production assets in Africa. However, we
recognise that the world is currently experiencing unprecedented
challenges for which civil society and commercial enterprises must
proactively find ways of adapting to successfully overcome the
challenges at hand.
This is something oil majors such as ExxonMobil are doing and
which we, at a much smaller scale and in a different way, are
looking to emulate - without distraction from our primary objective
of acquiring oil and gas production assets in Africa at
advantageous terms in the current low oil price environment.
The manufacturing of face masks and sanitising gel presents a
low-cost, relatively simple, both commercial and humanitarian
opportunity to enhance Zenith's settlement in Africa at a time of
world crisis."
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
MSCPPUAGCUPUPWM
(END) Dow Jones Newswires
April 28, 2020 02:30 ET (06:30 GMT)
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024