TIDMZEN
RNS Number : 3185Q
Zenith Energy Ltd
17 February 2023
February 17, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Tilapia
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA) , the energy company
with proven revenue generating production, exploration and
development assets in Africa, the Middle East and Europe , provides
an update on its business activities in the Republic of the
Congo.
Zenith had previously announced the successful completion of an
Inquiry of Public Utility (Enquête d'Utilité Publique) ("IPU"),
involving an in-depth technical and financial review of the Company
performed by the Ministry of Hydrocarbons of the Republic of the
Congo, on February 10, 2021.
The purpose of the IPU was, in accordance with local law, to
determine Zenith's suitability for the award of a new 25-year
licence to operate the Tilapia oilfield following confirmation,
announced by the Company on December 23, 2020, regarding the
successful bid submitted by Zenith Energy Congo SA ("Zenith Congo")
for the award of a new 25-year licence to operate the Tilapia
oilfield ("Tilapia II").
The Company has now become aware that a company named Olive
Energy E&P has been awarded a licence to operate the Tilapia
oilfield.
The Company is disappointed by this development, which
contradicts the aforementioned milestones.
Debt owed to Zenith by SNPC - approx.US$5.3 million plus accrued
interest
The Company announces that it has engaged a legal representative
to negotiate the full repayment of an original principal amount of
US$5.3 million plus accrued interest owed by Société Nationale des
Pétroles du Congo ("SNPC") , the national oil company of the
Republic of the Congo, to A nglo African Oil & Gas Congo S.A.U
("AAOGC"), a fully owned subsidiary of the Company, for past work
performed during the Tilapia I licence.
Legal Claim against SMP for approx. US$9 million
Zenith confirms that the legal claim launched by AAOGC against Société de Maintenance Pétrolière ("SMP"), the rig contractor employed to perform drilling services in wells TLP-103 and TLP-103C of the Tilapia oilfield during 2018-2019, is progressing in the Paris Commercial Court (the "Claim").
The Company has increased the claimed amount for the performance
failures by SMP during drilling activities to US$9 million in
consideration of the significant commercial damages suffered by
AAOGC, specifically the impossibility to begin production
activities, as a direct result.
Zenith has not provided for the potential recovery of such costs
in its cashflow projections. Therefore, any success in this matter
would enhance the Company's cash position.
Luca Benedetto, Chief Financial Officer of Zenith,
commented:
"This represents disappointing news. However, the Company's
opportunity to recover an amount of approximately US$15 million due
to past activities in connection with the Republic of the Congo
remains unchanged.
This will now become our primary focus, whilst we continue to
work towards completing our acquisitions in other jurisdictions for
large, revenue-generating energy production and development assets
with transformational potential ."
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 9031
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
BlytheRay - Financial PR/IR Tel: +44 207 138 3204
Tim Blythe, Megan Ray, Matt Bowld E: zenith@blytheray.com
Notes to Editors :
Zenith Energy Ltd. is a revenue generating, independent energy
company with production, exploration and development assets in in
Africa, the Middle East and Europe, including electricity
generation in Italy. The Company is listed on the London Stock
Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo
Stock Exchange (OSE: ZENA).
Zenith's strategic focus is on pursuing transformational
opportunities in the Middle East, Africa, and Europe through the
development of proven revenue generating energy production assets,
as well as low-risk exploration activities in assets with existing
production.
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFDLFFXLLFBBD
(END) Dow Jones Newswires
February 17, 2023 06:30 ET (11:30 GMT)
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
