Zenith Energy Ltd Filing of audited annual results (2017T)
July 02 2018 - 1:15AM
UK Regulatory
TIDMZEN
RNS Number : 2017T
Zenith Energy Ltd
02 July 2018
July 2, 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Filing of audited annual results for the financial year ended
March 31, 2018
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE), the dual listed international oil & gas production
company operating the largest onshore oilfield in Azerbaijan,
announces that, in accordance with Canadian securities laws, the
Company filed its annual audited financial results for the
financial year ended March 31, 2018 on SEDAR (www.sedar.com).
Filing of the aforementioned results on SEDAR took place on June
29, 2018. A copy of these documents will shortly be available for
review on the Company's website: www.zenithenergy.ca.
http://www.rns-pdf.londonstockexchange.com/rns/2017T_1-2018-7-2.pdf
http://www.rns-pdf.londonstockexchange.com/rns/2017T_2-2018-7-2.pdf
http://www.rns-pdf.londonstockexchange.com/rns/2017T_3-2018-7-2.pdf
Update on Proposed Indonesian Acquisition (the "Proposed
Acquisition")
The Company confirms that it has completed its due diligence
process for the Proposed Acquisition. The due diligence has
evidenced negative discrepancies exceeding 5% of the book values
declared in the Proposed Acquisition's financial statements dated
February 28, 2018.
In light of these discrepancies, Zenith intends to renegotiate
the total consideration of the Proposed Acquisition, announced as
US$6,600,000 by the Company on March 28, 2018.
The Company will provide an update regarding the Proposed
Acquisition once the outcome of renegotiations is known.
Completion of the Proposed Acquisition remains conditional on a
number of factors. These include the entering into of binding
agreements with the vendor and financing of the Proposed
Acquisition. There is no guarantee that the transaction will be
successfully completed.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Tel: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, dual listed on the TSX Venture Exchange and London Stock
Exchange.
The Company operates the largest onshore oilfield in Azerbaijan
following the signing of a 25-year REDPSA, (Rehabilitation,
Exploration, Development and Production Sharing Agreement), with
SOCAR, State Oil Company of the Azerbaijan Republic, in 2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, natural gas
condensate and electricity.
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector. The Company's Board of Directors and senior
management team have the experience and technical expertise to
develop the Company successfully.
To find out more, visit www.zenithenergy.ca or follow Zenith on
Twitter @zenithenergyltd
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.
END
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