Zenith Energy Ltd Submission of Bid in 2020 Marginal Field Round (3725Z)
September 18 2020 - 1:30AM
UK Regulatory
TIDMZEN
RNS Number : 3725Z
Zenith Energy Ltd
18 September 2020
September 18, 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")
Submission of Bid in Nigeria's 2020 Marginal Field Round
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 submitted a technical and
commercial bid (the "Bid") with the Nigerian Department of
Petroleum Resources ("DPR") for a marginal field in the 2020
Marginal Field Bid Round ("Bid Round").
A total of 57 marginal fields comprising a selection of onshore,
swamp and shallow offshore fields have been included in the Bid
Round. The Company is participating in the Bid Round as technical
and financial partner to a Nigerian registered oil and gas company.
Submission of the Bid represents completion of the second stage of
the Bid Round process, following the successful pre-qualification
of Zenith and its local partner announced to the market on August
20, 2020.
The Company will provide further information as appropriate once
the next stage of the Bid Round is concluded.
Andrea Cattaneo, Chief Executive Officer, commented:
" The Bid Round represents a very rare opportunity for Zenith to
acquire a large, underdeveloped, near-term production asset in
Nigeria. Indeed, the last opportunity of this kind was in 2003.
We have worked closely with our Nigerian partner to complete the
necessary commercial and technical analysis required for submission
of our Bid and in selecting the most compatible asset.
In the event our Bid is accepted, we have already received
positive indications from a number of pan-African financial
institutions regarding obtaining the necessary financing to develop
the asset and achieving commercial production.
I look forward to updating the market in due course regarding
this opportunity."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
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.
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END
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