TIDMZEN
RNS Number : 7543E
Zenith Energy Ltd
03 July 2023
July 3, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Court rejects SMP's request for stay of proceedings and awards
damages
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA) , the international
energy production and development company, is pleased to announce
that its fully owned subsidiary, Anglo African Oil & Gas Congo
S.A.U ("AAOGC"), has been awarded a payment of compensatory damages
by the Paris Commercial Court (the "Court") in its claim against
SMP Energies ( hereafter "SMP", formerly Société de Maintenance
Pétrolière - SMP) the rig contractor that performed drilling
services in wells TLP-103 and TLP-103C of the Tilapia oilfield
during 2018-2019.
In the decision, the Court rejected SMP's request for a stay of
proceedings in France due to new proceedings having been initiated
in the Republic of the Congo, stating that SMP's request contained
"all the characteristics of a dilatory request", and ordered it to
pay an amount of EUR 30,000 to AAOGC by way of compensatory
damages. The Court decision is immediately enforceable.
The Court has scheduled the next procedural date as September
29, 2023.
Background
On July 15, 2019, AIM quoted Anglo African Oil & Gas
("AAOG"), the previous owner of AAOGC prior to its acquisition by
Zenith, announced that AAOGC had initiated a legal claim (the
"Claim") in the Paris Commercial Court against SMP following a
series of significant performance failures by the SMP 102 rig (the
"Rig") during drilling activities in wells TLP-103 and TLP-103C,
and the refusal of SMP to engage in negotiations to cover the
significant cost overruns that had been incurred by AAOGC as a
result.
On February 17, 2023, Zenith announced that it had increased the
claimed amount for SMP's failures during drilling activities to
US$9 million in consideration of the significant commercial damages
suffered by AAOGC, specifically the impossibility to begin
production activities from the Tilapia oilfield, as a direct
result.
The Company believes that the Claim launched by AAOGC has merit,
especially because of the significant evidence collected at the
time to substantiate its position and has since intensified its
legal activities in support of the Claim by commissioning
third-party expert reports.
A final decision in respect of the Claim is expected prior to
the close of Zenith's next financial year, March 31, 2024.
Andrea Cattaneo, Chief Executive of Zenith, commented:
"We are pleased that the Court has rejected the latest attempt
by SMP to delay proceedings.
AAOGC has submitted third-party expert reports for consideration
by the Court which have, to date, not been engaged with or
countered by SMP.
The Court's decision has symbolic value for Zenith insofar as it
suggests that our steady and resilient approach to our African
operations eventually does bear fruit.
We are aware that the significant delays incurred by some of our
initiatives in Africa have demoralised some of our investors.
However, as a management team, our confidence in Zenith's
strategy remains unchanged and we are fully committed to achieving
the Company's successful development."
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 1279
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
BlytheRay - Financial PR/IR Tel: +44 207 138 3204
Tim Blythe, Megan Ray, Matt E: zenith@blytheray.com
Bowld
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328 5656
Adviser
Nick Harriss
Daniel Dearden-Williams
Miriad Limited - Media Enquiries Tel: +44 7867527659
Zak Mir E: zak@zakmir.com
Notes to Editors :
Zenith Energy Ltd. is a revenue generating, independent energy
company with production, exploration and development assets 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 development
opportunities 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
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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
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END
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