July 31,
2024
ZENITH
ENERGY LTD.
("Zenith" or the
"Company")
Publication of 2024 FY annual
audited report
Zenith Energy
Ltd. (LSE: ZEN; OSE:
ZENA; OTCQB: ZENAF), the international energy production and development
company, is pleased to announce the publication of its
independently audited annual financial results for the financial
year ended March 31, 2024 (the "Annual Report").
The Annual Report can be viewed
here: http://www.rns-pdf.londonstockexchange.com/rns/6660Y_1-2024-7-31.pdf
A copy of the Annual Report will
also be made available for review on the Company's website:
www.zenithenergy.ca
Key Highlights
· The
Group generated revenues from oil and natural gas production
activities of CAD$1,788K (2023 - CAD$13,159K)
· As of
March 31, 2024, inventory consisted of CAD$2,031K (2023 -
CAD$6,448K) in respect of 9,899 barrels of crude oil produced but
not yet sold in Tunisia from the Robbana and El Bibane
concessions.
· The
Company sold 159,119 Mcf of natural gas from its Italian assets, as
compared to 177,246 Mcf of natural gas in the previous financial
year.
Andrea Cattaneo, Chief Executive Officer, commented:
"The Annual Report underlines the very
significant damage caused to Zenith and its shareholders by the
actions of the Tunisian authorities.
The Company has applied primary
financial and management focus towards successfully seeking redress
for the breaches committed by the Tunisian authorities in engaging
leading legal counsel and wholly shouldering the financially
onerous and prolonged process of pursuing international arbitral
claims.
We look forward with optimism to the
outcome of the ICC Arbitration initiated against ETAP, the national
oil company of Tunisia, for non-payment of oi produced in an amount
of approximately US$7.5 million, including accrued interest for
late payment, to be communicated prior to the close of
2024.
A potential positive decision will
have a very material beneficial impact on the Company's future
financial position. It will also represent a key milestone in
Zenith's journey as it advances the significantly larger
arbitration claims against the Republic of Tunisia, ICC Arbitration
for SLK and the ICSID Arbitration for breaches of bilateral trade
agreements, with decisions expected in the first quarter of 2025
and in 2026 respectively.
I am pleased to also confirm that
the Company continues with unabated energy to pursue its claim
against SMP Energies in the Paris Commercial Court, as well as
being in the process of engaging legal counsel to obtain the
repayment of the approximately US$5.3 million owed to AAOGC, a
wholly owned subsidiary of Zenith in the Republic of the
Congo.
Energy production activities have
continued profitably in Italy and without interruption, the reduced
revenue during the 2024 financial year being a result of the
decline in electricity and gas prices.
The Company continues to evaluate
acquisition opportunities to produce oil, gas and
electricity.
We shall shortly provide further
information on our growth strategy, including the conditional
acquisition of Devonian Petroleum Limited announced to the market
in December of 2023, as well as the future activities of Leopard
Energy, Inc, a US listed company purchased by Zenith to build an
oil and gas production portfolio in the USA."
Further Information:
|
Zenith Energy
Ltd
Andrea Cattaneo, Chief Executive
Officer
|
Tel: +1 (587) 315 1279
E: info@zenithenergy.ca
|
Notes to Editors:
Zenith Energy Ltd. is a revenue
generating, independent energy company with energy production,
exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange
Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock
Exchange (OSE: ZENA) and the Venture Market of
the OTCQB (OTCQB: ZENAF).
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