Zenith Energy Ltd Extension of Option Agreement for OML 141 RSC (2930Y)
13 Enero 2022 - 01:00AM
UK Regulatory
TIDMZEN
RNS Number : 2930Y
Zenith Energy Ltd
13 January 2022
January 13, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Extension of Option Agreement for OML 141 RSC in Nigeria
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, is pleased to announce that it has agreed an extension
(the "Extension") to the Option Agreement (the "Option") with Noble
Hill-Network Limited ("NHNL"), announced on November 29, 2021, for
the purchase of a 42% (forty-two percent) interest in the share
capital of NHNL.
NHNL is a private Nigerian oil and gas company and the
registered sole, 100% holder of a Risk Service Contract ("RSC") for
the development of the North-West Corner of OML 141 in Nigeria,
defined as the Risk Service Contract Area ("RSCA"). The RSCA covers
105 square kilometres of the Coastal Swamp Region of the Niger
Delta and contains the potentially highly productive Barracuda and
Elepa South oilfields, with an estimated 232.7 million barrels of
discovered oil (Degeconek 2019 CPR), as well as one prospective
field with substantial gas and condensate prospective reserves.
The Company has been informed by NHNL that it has recently been
served with a vexatious injunction from a third-party in respect of
an alleged claim to holding a majority interest in NHNL. Zenith has
been advised that the claims underlying the injunction are
unsubstantiated, thereby having no impact on the legal standing of
the Option, and that NHNL anticipates that the injunction will be
dismissed by the Nigerian courts in due course.
Following the Extension, the Option will now expire on March 1,
2022.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are pleased to have agreed an extension in respect of the
Option Agreement with NHNL for what represents a very attractive
opportunity to benefit from the significant production potential of
the Barracuda and Elepa South oilfields in Nigeria.
The Company shall continue to perform its due diligence exercise
to fully evaluate the comprehensive legal, technical, and
commercial elements of the potential transaction.
I look forward to updating our shareholders on our progress in
due course."
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 - Tel: + 44 (0) 203 328 5656
Financial Adviser & Broker
Nick Harriss
Nick Athanas
------------------------------
Celicourt Communications Tel: +44 (0) 208 434 2643
(Financial 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
CNTBKNBDBBKKODD
(END) Dow Jones Newswires
January 13, 2022 02:00 ET (07:00 GMT)
Zenith Energy (LSE:ZEN)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Zenith Energy (LSE:ZEN)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024