Zenith Energy Ltd Termination of SPA with Coro Energy plc (6881U)
31 7월 2020 - 3:00PM
UK Regulatory
TIDMZEN
RNS Number : 6881U
Zenith Energy Ltd
31 July 2020
July 31, 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")
Termination of SPA for acquisition of Coro Energy Italian
assets
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production
company, announces the termination, by mutual agreement between the
parties, of the sale and purchase agreement ("SPA") entered into
with Coro Energy plc ("Coro") relating to the proposed acquisition
by Zenith of Coro's entire Italian natural gas production and
exploration portfolio (the "Italian Acquisition").
Under the SPA, completion of the Italian Acquisition was
conditional on, inter alia, receipt of Italian regulatory approvals
prior to the long stop date of July 31, 2020, which will not be
achieved. The SPA allowed for a possible extension of the long stop
date to October 31, 2020 upon written request by Zenith. For
reference, signing of the SPA was first announced to the market on
December 3, 2019.
The Company has elected not to formulate such a request for the
following reasons:
-- Negative profitability of the Italian Acquisition as a result of COVID-19.
-- The concentration of the Company's focus, in terms of
management time and financial resources, on its publicly announced
acquisition campaign in Africa.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"In view of the many exciting developments that have taken place
since the SPA was first announced to the market in December 2019,
specifically our acquisitions in the Republic of the Congo and
Tunisia, as well as the unprecedented changes brought about by the
COVID-19 pandemic, we have decided to reconsider the proposed
expansion of our natural gas production and exploration portfolio
in Italy.
There will therefore be no equity dilution associated with this
transaction, enabling a further maximisation of our financial
resources and attention towards possible additional value accretive
acquisition opportunities in Africa."
Further Information:
Zenith Energy Ltd.
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Merkur Market of the Oslo Stock Exchange (ZENA:ME).
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
MSCZZGFNMGMGGZZ
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July 31, 2020 02:00 ET (06:00 GMT)
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