TIDMZEN
RNS Number : 5157Y
Zenith Energy Ltd
02 January 2020
January 2, 2020
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")
Preparing for operations in West Africa
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company, is pleased to update the market on its progress
in preparing for operations in West Africa, following the decision
of the board of Anglo African Oil & Gas plc ("AAOG") to
recommend to its shareholders the disposal of an interest of 80 per
cent of its wholly owned subsidiary, Anglo African Oil & Gas
Congo S.A.U. ("AAOG Congo") to Zenith under an SPA announced on
December 27, 2019 and subject to the approval of AAOG
shareholders.
Zenith is pleased to announce that it has appointed Mr.
André-Brice Boumbendje to its Advisory Committee.
Mr. Boumbendje started his career at Schlumberger, later worked
at Marathon Petroleum Corporation, and then became Senior Manager
for Planning & Budget at Maurel & Prom, a leading French
independent recently purchased by the national oil company of
Indonesia, Pertamina.
After returning to his home country, Gabon, and after a period
of teaching, he worked for the Ministry of Defence and later for
the Ministry of Hydrocarbons & Mines of the Republic of Gabon,
where he is currently employed. In 2016, he was appointed as
Diplomatic Counsel for the Ministry of Hydrocarbons and the
representative of the Republic of Gabon at OPEC in Vienna.
Mr. Boumbendje's appointment is expected to help Zenith in its
management of governmental relations in the French speaking
countries of Central Africa, especially the Republic of the Congo
(where the Tilapia oilfield is located).
Gabon is one of the oldest sub-Saharan African OPEC members,
having become a full member in 1975.
The Republic of the Congo recently became one of the newest
members of OPEC, having obtained full membership on June 22, 2018.
This is evidence of the country's desire to focus on the
development of its hydrocarbon industry and increase its already
important oil production, amounting today at approximately 335,000
barrels of oil per day.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are delighted to welcome Mr. Boumbendje to Zenith.
He will help us in selecting high quality African executives,
who after having accumulated valuable experience working with
majors in Africa and overseas, will be able and ready for the
exciting challenge of developing Zenith into becoming a mid-cap
independent oil & gas company.
We believe that, to operate successfully in the Congo, it is
important to adopt the local language and culture, specifically by
engaging personnel with acute technical ability and extensive local
knowledge of ministerial requirements and regulations.
Zenith intends to invest in people to create a long-term success
story using our drilling rigs and working in a public and
governmental Congolese environment fully supportive of our efforts,
which is expected to create local economic development and new
employment.
The Board of Zenith believes that the Company possesses the
financial, linguistic, geopolitical and technical skills to enhance
production in the Congo and to achieve, if the geology allows,
success at the Tilapia oilfield. This includes the significant
financial obligations that come with developing Tilapia.
For these reasons, Zenith believes the transaction to be in the
best interests of all parties.
We shall provide further updates to the market in due course
regarding the names of further appointments the Company intends to
make to manage our future operations in West Africa."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 20 7469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Joint Tel: + 44 (0) 20 7399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 20 3934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
Zach Cohen
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 9, 2019 by Arc
Ratings, S.A. On November 18, 2019, the Company was assigned a "B+"
with Stable Outlook debt issuer credit rating by Rating-Agentur
Expert RA.
The Company operates the largest onshore oilfield in Azerbaijan
by cumulative acreage following the signing of a 25-year REDPSA,
(Rehabilitation, Exploration, Development and Production Sharing
Agreement), with SOCAR, State Oil Company of the Republic of
Azerbaijan, 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, condensate and
electricity.
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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