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.

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

ACQXFLLLFFLXFBQ

(END) Dow Jones Newswires

November 22, 2021 02:00 ET (07:00 GMT)

Zenith Energy (LSE:ZEN)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024 Haga Click aquí para más Gráficas Zenith Energy.
Zenith Energy (LSE:ZEN)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024 Haga Click aquí para más Gráficas Zenith Energy.