Zenith Energy Ltd Exclusivity agreement for OML 141 RSC in Nigeria (1148K)
31 8월 2021 - 3:00PM
UK Regulatory
TIDMZEN
RNS Number : 1148K
Zenith Energy Ltd
31 August 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
August 31, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Exclusivity agreement for OML 141 RSC in Nigeria
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 entered into an exclusivity agreement (the
"Exclusivity") with Noble Hill-Network Limited ("NHNL"), a private
Nigerian oil and gas company, that holds 100% of the Risk Service
Contract ("RSC") for the development of the North-West Corner of
OML 141 ("NW OML 141").
NW OML 141 covers an area of approximately 105 square kilometres
in the swamp area of the Niger Delta region. The NW OML 141 RSC
contains two discovered fields and one prospective field with an
estimated 232.7 million barrels of discovered oil (Degeconek 2019
CPR) with the potential to grow to more than 500 million barrels of
Contingent and Prospective Resources with several TCF of
prospective natural gas and condensate.
The discovered fields include the potentially highly productive
Elepa South and Barracuda oilfields, which are both categorised as
discoveries under SPE-PRMS rules and are 'drill-ready' with the
first well location having already been purchased and the necessary
civil works having already been performed. The prospective field,
Curlew Channel, is a large multi TCF natural gas and condensate
prospect containing the deeper "U" and "X" reservoirs identified
both on the Northern boundary of the Risk Service Contract Area
("RSCA") in NW OML 141 and the nearby Shell OML 33. NHNL plans to
commence drilling activities before the close of 2021 and start
production through an Early Production Facility shortly
thereafter.
Under the terms of the Exclusivity, Zenith has a period of 90
days during which to conduct due diligence and to evaluate the
opportunity to participate in the RSC via the potential purchase of
an equity stake in NHNL, the sole holder of the RSC.
The Company wishes to underline that no terms for any possible
transaction have been discussed at this point.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are very pleased to begin our evaluation of the opportunity
to participate in NHNL's RSC for the development of the North-West
Corner of OML 141 in Nigeria directly with the exclusive holder of
this agreement following the signing of the Exclusivity.
The RSC for NW OML 141 would represent a very exciting
opportunity for Zenith to enter the Nigerian oil and gas space and
to exploit an undeveloped, potentially highly prolific selection of
oil and gas fields.
This opportunity is in line with our strategy of identifying
assets, which are 'drill-ready' and with significant near-term
production potential, that will position the Company to achieve its
goal of becoming an oil and gas company with a well-balanced
portfolio producing more than 10,000 bopd."
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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