Zenith Energy Ltd Successful bid for Tilapia II (6029J)
23 12월 2020 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 6029J
Zenith Energy Ltd
23 December 2020
December 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")
Successful bid for Tilapia II
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production company
focused on pursuing African development opportunities, is delighted
to announce that it has received official confirmation from the
Ministry of Hydrocarbons of the Republic of the Congo that its
local subsidiary, Zenith Energy Congo SA ("Zenith Congo"), has been
selected as the successful bidder for the award of a new 25-year
licence to operate the Tilapia oilfield ("Tilapia II").
As announced to the market on July 20, 2020, the Company had
previously submitted a comprehensive commercial and technical offer
(the "Offer") for the award of Tilapia II.
In accordance with Congolese procedures for the award of new
hydrocarbon licences, the award of Tilapia II is subject to
completion of an inquiry of public utility (enquête d'utilité
publique) ("IPU") to be organised and performed by the Ministry of
Hydrocarbons during the month of January 2021, as well as the
subsequent potential finalisation and ratification of the
Production Sharing Contract ("PSC") for Tilapia II.
Under the envisaged terms of Tilapia II, Zenith Congo will
operate Tilapia II in partnership with the National Oil Company,
Société Nationale des Pétroles du Congo ("SNPC").
The Company will make a further regulatory announcement once the
IPU is concluded.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"Zenith's selection by the Ministry of Hydrocarbons of the
Republic of the Congo as the successful bidder for Tilapia II is an
exceptional achievement and is the product, amongst other
qualities, of our unwavering commitment and perseverance in
pursuing our development strategy.
The Company is now positioned to benefit from a potentially
transformational asset with highly prospective development and
exploration potential in a prolific hydrocarbon basin where we
shall be able to deploy our drilling equipment to perform
operational activities in agreement with our local partners at a
time of increasing recovery in oil prices.
Further, it is a matter of great satisfaction that the Company
has been able to resoundingly vindicate its confidence in its
ability to achieve its publicly announced objectives in the
Republic of the Congo, specifically in relation to Tilapia II.
The Company can now look forward with well-grounded confidence
to the journey ahead in the Republic of the Congo and the possible
achievement of other publicly announced objectives, including the
potential acquisition of additional oil production assets, as well
as obtaining repayment of the approximately US$5.7 million owed to
the Company by SNPC."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203
Nick Athanas 328 5656
-----------------------------
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.
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END
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