TIDMZEN
RNS Number : 9936Q
Zenith Energy Ltd
02 November 2021
November 2, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Successful completion of subscription for new shares
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), a company focused on building a production and development
portfolio in Africa, is pleased to announce that it has
successfully completed a subscription (the "Subscription") for new
common shares in the share capital of Zenith (the "Subscription
Shares") by a selection of existing shareholders, including
institutional investors from the United Kingdom and Norway.
As a result of the Subscription, the Company has issued a total
of 272,727,273 Subscription Shares at a price of GBP0.011
(equivalent to approximately NOK 0.13), a discount of approximately
7% to Zenith's London Stock Exchange closing share price on
November 1, 2021, to raise gross proceeds of approximately GBP3
million (equivalent to approximately 34,500,000 NOK).
Use of Proceeds
The Company intends to use the proceeds of the Subscription as
follows:
-- GBP1,300,000 - funding of Zenith's share of work programme
costs in respect of the Ezzaouia concession onshore Tunisia. This
will include the drilling of two sidetracks in non-producing wells
with the objective of achieving a gross production of 1,000 bopd
from the Ezzaouia concession.
-- GBP600,000 - expected cost of drilling a new well in the
Robbana concession, also onshore Tunisia, where Zenith holds a 100%
working interest. Long-lead items required for drilling of two
wells already acquired and on location.
-- GBP300,000 - transportation expenses for Zenith's 1,200hp drilling rig to Africa.
-- GBP250,000 - Tilapia II licence, (located onshore Republic of
the Congo), development costs, including finalisation of licence
award process and employment of operational personnel to optimise
the planned beginning of drilling operations in well TLP-103C.
-- GBP150,000 - expenses associated with the preparation and
publication of a UK Prospectus. See below for more details.
-- GBP400,000 - general working capital.
Share Capital structure following the Subscription & Total
Voting Rights
The Company wishes to announce, in accordance with the UK
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules, as well as section 3.10 of the Euronext Growth Oslo Rule
Book Part II , the following revised information resulting from the
issuance of the Subscription Shares.
Class of share Total number Number Total number of
of shares of voting voting rights
rights per class of share
per
share
Common Shares in
issue and admitted
to trading on the
Main Market of the
London Stock Exchange. 313,400,824 1 313,400,824
--------------- ------------ ---------------------
Common Shares in
issue and admitted
to trading on the
Euronext Growth Market
of the Oslo Børs,
representing the
newly enlarged outstanding
share capital of
the Company. 1,684,392,631 1 1,684,392,631
--------------- ------------ ---------------------
An application for the Subscription Shares to be listed on the
standard segment of the FCA Official List and to be admitted for
trading on the London Stock Exchange Main Market for listed
securities is currently in process as part of the submission of a
UK prospectus (the "Prospectus") for approval by the UK Financial
Conduct Authority. This application will include all outstanding
common shares not currently listed in the United Kingdom.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are pleased to have completed this Subscription which
ensures we are fully funded to carry out our value accretive work
programme in Tunisia and places the Company in a strong financial
position as it enters a potentially prolific period of development
in Africa.
The Board is also very pleased to have secured the participation
of its largest existing UK institutional investor, as well as that
of an existing Norwegian institutional investor, both of whom have
been very supportive of the Company's strategy and direction.
The funding obtained from the market will be almost entirely
deployed towards developing Zenith's production and development
portfolio in Africa. We look forward with enthusiasm to creating
shareholder value by systematically increasing our daily production
of hydrocarbons, building on the recent success of our workover in
the Robbana concession."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
Further Information:
Zenith Energy Ltd Tel: +1 (587) 315 9031
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328 5656
Adviser & Broker
Nick Harriss
Nick Athanas
------------------------------
Celicourt Communications (Financial Tel: +44 (0) 208 434 2643
PR) E: zenithenergy@celicourt.uk
Mark Antelme
Jimmy Lea
------------------------------
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
complete value-accretive hydrocarbon production opportunities in
the oil & gas sector, specifically in Africa.
Note regarding forward-looking statements
This announcement contains certain forward-looking statements
relating to the Company's future prospects, developments and
business strategies. Forward-looking statements are identified by
their use of terms and phrases such as "targets" "estimates",
"envisages", "believes", "expects", "aims", "intends", "plans",
"will", "may", "anticipates", "would", "could" or similar
expressions or the negative of those, variations or comparable
expressions, including references to assumptions.
The forward-looking statements in this announcement are based on
current expectations and are subject to risks and uncertainties
which could cause actual results to differ materially from those
expressed or implied by those statements. These forward-looking
statements relate only to the position as at the date of this
announcement. Neither the Directors nor the Company undertake any
obligation to update forward looking statements, other than as
required by the Listing Rules for Companies or by the rules of any
other applicable securities regulatory authority, whether as a
result of the information, future events or otherwise. You are
advised to read this announcement and the information incorporated
by reference herein, in its entirety. The events described in the
forward-looking statements made in this announcement may not
occur.
Any person receiving this announcement is advised to exercise
caution in relation to its content. If in any doubt about any of
the content of this announcement, independent professional advice
should be obtained.
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END
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