Zenith Energy Ltd Extension of SPA for acquisition of SLK from CNPC (4876S)
17 3월 2021 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 4876S
Zenith Energy Ltd
17 March 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
March 17, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Extension of SPA for acquisition of SLK from CNPC
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 its wholly owned subsidiary Zenith Energy
Netherlands B.V. ("Zenith Netherlands") has signed an extension
agreement (the "Extension") in respect of the conditional sale and
purchase agreement ("SPA") it signed with CNPC International
(Tunisia) Ltd., ("CNPCI"), a 100% subsidiary of CNPCI, CNPC
International Ltd., f or the acquisition of a participation in,
inter alia, the North Kairouan permit and the Sidi El Kilani
Concession (the " Tunisian Acquisition "), which includes the Sidi
El Kilani oilfield ("SLK"). For reference, signing of the SPA was
announced to the market on September 8, 2020.
CNPCI holds an undivided 22.5% interest in the Tunisian
Acquisition, together with 25 Class B shares in Compagnie
Tuniso-Koweito-Chinoise de Pétrole (CTKCP), the operator,
representing 25% of the issued share capital of the company.
Completion of the SPA remains conditional on a favourable
opinion being granted by the Comité Consultatif des Hydrocarbures
("CCH") of the Republic of Tunisia and the approval of the Tunisian
State represented by the Ministry of Industry and Energy in respect
of the transfer of CNPCI's right, title and interest in and under
the SLK Concession to Zenith Netherlands ("Completion").
The Extension has been granted in view of the difficulties
caused by the ongoing COVID-19 pandemic which have not enabled
Completion to be achieved. The new Longstop date for Completion of
the SPA is November 30, 2021.
Background and Update on KUFPEC acquisition in relation to
SLK
The Tunisian Acquisition is Zenith's second acquisition in
relation to SLK and enlarges the Company's total conditional
interest in the Tunisian Acquisition to 45%.
On April 20, 2020, the Company announced that it had signed a
conditional SPA to acquire the participation of KUFPEC (Tunisia)
Limited ("KUFPEC"), a 100% subsidiary of Kuwait Foreign Petroleum
Exploration Company K.S.C.C, a subsidiary of the State of Kuwait's
national oil company, in relation to the Tunisian Acquisition.
The Company can confirm that it is currently in negotiations
with KUFPEC to formalise a similar extension to that agreed with
CNPCI.
Under the terms and subject to the conditions of both
conditional sale and purchase agreements entered into with CNPCI
and KUFPEC for the acquisition of their respective participations
in relation to the Tunisian Acquisition, which are subject to (i)
the Comité Consultatif des Hydrocarbures ("CCH") of the Republic of
Tunisia expressing a favourable opinion and (ii) the approval of
the Tunisian State represented by the Ministry of Industry and
Energy, the economic date ("EC") has been fixed as April 1, 2020.
As of February 28, 2021, the total amount of oil held in storage in
line with the EC is approximately 65,000 barrels of oil. The
Company will have greater visibility on the total amount of oil
held in storage when local regulatory approval is received and
Completion occurs.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We have developed a very good relationship with CNPC, and I
look forward with enthusiasm to hopefully completing the
acquisition of SLK in due course once we receive a favourable
opinion from the CCH and the approval of the Tunisian State.
The Board is increasingly confident regarding Zenith Energy's
establishment in Tunisia which we consider a very favourable
jurisdiction for oil production and development activities."
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
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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