Zenith Energy Ltd Acquisition of SLK from CNPC (0480T)
22 Noviembre 2021 - 01:00AM
UK Regulatory
TIDMZEN
RNS Number : 0480T
Zenith Energy Ltd
22 November 2021
November 22, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Acquisition of SLK from CNPC
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the Africa focused production and development energy
company, is pleased to announce that Zenith Overseas Assets
Holdings Ltd. ("ZOA"), its fully owned subsidiary, has entered into
a share purchase agreement ("SPA") for the acquisition of a 100
percent interest in the issued, allotted, outstanding and fully
paid-up share capital of Canadian North Africa Oil & Gas Ltd.
("CNAOG") (previously named CNPC International (Tunisia) Ltd), a
100% subsidiary of CNPC International Ltd.
CNAOG holds an undivided 22.5% interest in the North Kairouan
permit and the Sidi El Kilani Concession in Tunisia ("SLK" or the
"Concession"), together with 25 Class B shares in Compagnie
Tuniso-Koweito-Chinoise de Pétrole ("CTKCP"), the operator,
representing 25% of the issued share capital of CTKCP.
Terms
Pursuant to the terms of the SPA, ZOA has acquired CNAOG for a
consideration of US$1,658,680, paid by the Company upon completion
(the "Consideration") . As at the Completion date, the volume of
crude oil produced from the Concession and allocated to and
received by CNAOG, which has not been sold or otherwise disposed
of, amounts to approximately thirty thousand (30,000) barrels of
crude oil.
The Company confirms that the terms of the SPA constitute a new
transaction, and are in full and final replacement of the terms
previously outlined in Zenith's announcement dated September 8,
2020.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"The Board is delighted to have now completed Zenith's
acquisition of an equity stake in the SLK concession, providing
Zenith with immediate additional daily production revenue in
Tunisia and an exciting future in developing SLK which has
significant unexploited potential.
The Company will now begin investing technical management time
and resources towards the performance of targeted field
rehabilitation and drilling activities to gradually increase
production from SLK.
We are also pleased to have increased our footprint in Tunisia,
a country where we are now increasingly well-established as an oil
and gas producer and where we hope to further consolidate our
presence.
I thank CNPCI for their constructive assistance in successfully
concluding this transaction. We look forward to exploring further
opportunities for cooperation with them in due course.
Similarly, we shall seek to provide further updates to
shareholders on other areas of long-held focus between now and the
close of the year."
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.
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END
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