Zenith Energy Ltd Update on Electricity Production & Financing (9405K)
10 Mayo 2022 - 5:00AM
UK Regulatory
TIDMZEN
RNS Number : 9405K
Zenith Energy Ltd
10 May 2022
May 10, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Electricity Production & Financing
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, is pleased to provide an update on its electricity
production operations a t the Torrente Cigno concession in Italy
during the month of April 2022.
During the month of April 2022, the Company produced a total of approximately 974.4 MWh.
Electricity prices during the month of April 2022 averaged
approximately EUR 236 per MWh, resulting in net revenues of
approximately EUR 230,000. Zenith's current net production costs
remain fixed at approximately EUR 35,000 per month.
Non-convertible Loan Agreement for EUR 1.3 million
The Company has entered into a non-convertible loan agreement
(the "Loan") with a financial institution for a total amount of EUR
1.3 million (equivalent to approximately 13.1 million NOK or
GBP1,111,800).
The Loan has a duration of ten months, attracts an interest of
5% per annum and includes normal warranties and default
clauses.
In connection with the Loan Agreement, the Company has issued
the following share purchase warrants (the "Warrants"):
-- 85 million Warrants to acquire one common share for each
Warrant at an exercise price of NOK 0.20 (equivalent to
approximately GBP0.017).
-- 85 million Warrants to acquire one common share for each
Warrant at an exercise price of NOK 0.25 (equivalent to
approximately GBP0.021).
The Warrants have a duration of ten months from the date of
issue.
Use of proceeds from Loan
The Company plans to use the funds received in connection with
the Loan to provide additional financial support for the
achievement of its business development objectives in the Republic
of the Congo, as well as for general working capital purposes.
Sale of A-100 Workover Rig
The Company has agreed to dispose of the A-100 workover rig (the
"Rig") that it had previously acquired in Azerbaijan during 2018 by
way of its fully owned subsidiary, Zena Drilling Limited.
The expected lack of spare parts and technical support for the
Rig, a rig type widely used in the oil industry of the Russian
Federation and post-Soviet Republics, as well as the estimated high
transportation costs of the Rig from Azerbaijan to the Company's
oil and gas portfolio in Africa, were the reasons for the sale.
Zenith confirms that it has not recorded a loss, on an amortised
basis, in respect of the consideration originally paid to the
manufacturer in 2018 for the purchase of the Rig.
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 1279
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
Alternative Resource Capital
- Broker Tel: +44 (0) 207 186 9004
Tel: + 44 (0) 207 186 9005
Alex Wood
Keith Dowsing
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.
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange Main Market (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/
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END
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