Zenith Energy Ltd Second MOU for oil production assets in Kazakhstan (6135M)
15 9월 2023 - 5:30PM
UK Regulatory
TIDMZEN
RNS Number : 6135M
Zenith Energy Ltd
15 September 2023
September 15, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Second MOU for oil production assets in Kazakhstan
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international
energy production and development company, is pleased to announce
that it has signed a second MOU (the "MOU") with a company
incorporated in Kazakhstan (the "Seller") to evaluate the potential
acquisition of two oil development assets.
The Seller holds a 100% interest in two contiguous oil
development assets located in the Kyzylorda Region of Kazakhstan
(the "Potential Acquisition").
The Potential Acquisition is classified as an oil development
asset because a discovery was made in 2014, and there is confirmed
potential for commercial oil production activities. It is expected
that drilling activities targeting the Jurassic section of
formations located within the Potential Acquisition have
significant production potential.
The purpose of the MOU is to formalise a framework whereby
Zenith's interest in the Potential Acquisition may be completed
subject to the completion of a rigorous technical and financial due
diligence.
According to the terms of the MOU, commercial terms for the
Potential Acquisition, if agreed between the parties, are to be
formalised by way of a share purchase agreement on or before
November 30, 2023.
The 2P (proven and probable) reserves of the Potential
Acquisition have been quantified in the amount of approximately 4.5
million barrels of oil. Fully risked 3P (proven, probable, and
possible) reserves are estimated around 62.5 million barrels of
oil. These evaluations have not been performed in compliance with
Canadian securities laws, specifically the C OGE Handbook and
National Instrument 51-101 - Standards of Disclosure for Oil and
Gas Activities.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to have signed a second MOU for an oil
development asset in Kazakhstan. Zenith's management and advisers
have, in line with our development strategy, continued to explore
additional acquisition opportunities with the objective of building
a consolidated portfolio of near-term production and development
assets.
The assets under review appear to have a clear pathway to oil
production without the requirement for intensive technical and
financial investment.
Funding of any potential transaction in Kazakhstan will not to
be funded by way of equity.
We look forward to reporting on our exciting progress in
Kazakhstan on or before the close of November 2023 ."
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
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.
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