Zenith Energy Ltd Successful completion of IPU in Congo (5401O)
10 2월 2021 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 5401O
Zenith Energy Ltd
10 February 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
February 10, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Successful completion of IPU in Congo
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that it has now received formal confirmation regarding
the successful completion of the Inquiry of Public Utility (Enquête
d'Utilité Publique) ("IPU"), following an in-depth technical and
financial review, performed by the Ministry of Hydrocarbons of the
Republic of the Congo during the month of January 2021.
As announced on December 23, 2020, the Company will now proceed
with the potential finalisation and ratification of the Production
Sharing Contract ("PSC") for Tilapia II.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are delighted to have received this additional positive
confirmation from the Ministry of Hydrocarbons which demonstrates
our successful establishment in the Republic of the Congo, where we
intend to develop the potentially transformational Tilapia
oilfield, as well as constituting a clear recognition of our
technical and financial capabilities.
The significant strengthening in oil prices and the gradually
improving outlook in relation to the Covid-19 pandemic have given
us further confidence in pursuing various potential acquisition
opportunities of additional oil and gas production assets,
specifically those formerly operated by oil majors. We view the
present as a singular time of opportunity to implement this
strategy as oil majors restructure their portfolios by disposing of
smaller assets.
I look forward to updating the market in due course on further
progress. We are systematically delivering on our publicly
announced objectives and I thank shareholders for their
support."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 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
Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the oil
& gas sector, specifically in Africa.
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END
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