Zenith Energy Ltd Update on Tilapia in the Republic of the Congo (4270T)
July 20 2020 - 1:30AM
UK Regulatory
TIDMZEN
RNS Number : 4270T
Zenith Energy Ltd
20 July 2020
July 20, 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")
Update on Tilapia in the Republic of the Congo
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to provide an update on the Tilapia licence in the Republic of the
Congo which expired on July 18, 2020.
The Company can confirm that the Company's subsidiary in the
Republic of the Congo, Anglo African Oil & Gas Congo S.A.U
("AAOG Congo"), continues to operate the Tilapia oilfield on an
interim basis following the implementation of a "Plan for the
Continuation of Activities" ("PCA") agreed with the national oil
authorities.
New 25-year licence for Tilapia ("Tilapia II")
The Company is pleased to announce that, in accordance with
local procedures, it has submitted a comprehensive commercial and
technical offer (the "Offer") to the Ministry of Hydrocarbons of
the Republic of the Congo for the award of a new 25-year licence
for the Tilapia oilfield to be named "Tilapia II".
In consideration of the impact of the ongoing COVID-19 pandemic,
as well as the expected evaluation period for the Company's
aforementioned Offer, the Company expects to receive a preliminary
indication regarding the possible acceptance of the Offer within
the next 30 days.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
" We are very excited about the good progress we have achieved
in recent weeks in the Republic of the Congo, specifically in
respect of the submission of the Offer for Tilapia II. As is to be
expected, the unprecedented world crisis presented by COVID-19 has
delayed all activities, including the arranging of meetings to
conduct the necessary negotiations prior to submitting the
Offer.
The Tilapia asset has transformational production potential and
the award of a new 25-year licence will represent the first
important successful milestone in our journey in the Congo. It is
our hope and expectation that we shall achieve this goal in due
course.
I am also pleased to confirm that negotiations are nearing a
conclusion with regards to defining a payment plan for the
repayment of the US$5.3 million debt owed by Société Nationale des
Pétroles du Congo to AAOG Congo."
Further Information:
Zenith Energy Ltd.
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Merkur Market of the Oslo Stock Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector, specifically in Africa. The Company's board
of directors and senior management team have the experience and
technical expertise to develop the Company successfully.
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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