Zenith Energy Ltd Update on OML 141 RSC Option & Broker Appointment (3498D)
02 Marzo 2022 - 01:30AM
UK Regulatory
TIDMZEN
RNS Number : 3498D
Zenith Energy Ltd
02 March 2022
March 2, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Option for OML 141 RSC and Appointment of Broker
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, announces that it has elected to not renew the Option
Agreement (the "Option") with Noble Hill-Network Limited ("NHNL"),
first announced to the market on November 29, 2021, for the
purchase of a 42% (forty-two percent) interest in the share capital
of NHNL.
The Company remains of the view that the development of the
North-West Corner of OML 141 in Nigeria has significant potential,
and it shall look to revisit the opportunity once the ownership of
NHNL is unequivocally confirmed by the Nigerian courts.
Appointment of Broker
The Company is pleased to announce the appointment of
Alternative Resource Capital, a trading name of Shard Capital
Partners LLP ("ARC") , as corporate broker to the Company on the
London Stock Exchange with immediate effect. Allenby Capital will
remain as Zenith's financial adviser.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"The Company's primary objective is the maximisation of its
energy production and development operations across the portfolio
in Tunisia and Italy, with the goal of further increasing our
record revenue generation and profitability, as well successfully
delivering on our growth ambitions in the Republic of the
Congo.
Zenith's assessment of the opportunity presented by the
acquisition of a 42% in NHNL, and by extension in the potentially
highly productive Barracuda and Elepa South oilfields, remains
fundamentally unchanged. However, in the interests of a clear
strategic vision and the avoidance of protracted delays, we have
decided to pause our involvement in this potential transaction
until such time as clarity is definitively delivered in certain key
areas.
The Company is pleased to welcome ARC as corporate broker to the
Company, we are confident that their appointment will result in an
increased ability by Zenith to attract long-term, institutional
investors at a time of great promise for growing energy production
and development companies."
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
Nick Harriss
Nick Athanas
------------------------------
Alternative Resource Capital
- Broker Tel: +44 (0) 207 186 9004
Alex Wood
Tel: + 44 (0) 207 186 9005
Keith Dowsing
------------------------------
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.
Follow us on LinkedIn:
https://www.linkedin.com/company/zenith-energy-limited/
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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END
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