Zenith Energy Ltd Extension of LOI (5175V)
August 07 2020 - 4:50AM
UK Regulatory
TIDMZEN
RNS Number : 5175V
Zenith Energy Ltd
07 August 2020
August 7, 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")
Extension of LOI
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 announce that it has extended the duration of the non-binding
Letter of Intent ("LOI") signed with an Arab consortium of
strategic institutional investors focused on African development
opportunities, to provide an investment of US$2 million in Zenith's
share capital for a period of 90 days (the "Strategic Investment").
For reference, the LOI was first announced to the market on March
31, 2020.
The terms of the LOI remain unchanged. Under the terms of the
LOI, the Strategic Investment is priced at 2.5 pence per Zenith
common share (equivalent to approximately NOK 0.30).
The Strategic Investment is conditional and subject to a number
of conditions, including the successful completion of the publicly
announced Tunisian Acquisition (currently awaiting final regulatory
approval as publicly announced), as well as the successful
acquisition of two oil production licenses currently being
negotiated with a national oil authority in West Africa (as
announced to the market on March 12, 2020).
In addition, the Strategic Investment is also conditional on the
appointment of a director proposed by the investors to Zenith's
Board.
Upon completion of the aforementioned acquisitions, it is
anticipated that Zenith will have an expected cumulative daily
production in excess of 1,500 barrels of oil per day across its
asset portfolio.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 5656
-----------------------------
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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