Zenith Energy Ltd Termination of LOI (7522E)
November 10 2020 - 1:40AM
UK Regulatory
TIDMZEN
RNS Number : 7522E
Zenith Energy Ltd
10 November 2020
November 10, 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")
Termination 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, announces
that it has terminated the non-binding Letter of Intent ("LOI")
with a consortium of Arab investors first announced to the market
on March 31, 2020. For reference, an extension of the duration of
the LOI was announced to the market on August 7, 2020.
The LOI was conditional on a number of conditions, i ncluding
the successful completion of the acquisition from KUFPEC of its
22.5% working interest in the North Kairouan permit and the Sidi El
Kilani Concession the Republic of Tunisia (the "Tunisian
Acquisition") upon the receipt of local regulatory approval, as
well as the successful acquisition of two oil production licenses
being negotiated with a national oil authority in West Africa (as
announced by regulatory announcement on March 12, 2020).
The Company is pleased to confirm that progress is being made in
relation to both of these transactions and that it expects to
update the market in due course.
Andrea Cattaneo, Chief Executive Officer, commented:
"As per our announcements, we have a number of potential
near-term catalysts for shareholder value creation as a result of
our African acquisition activities.
In view of the length of time that has elapsed since the Company
entered into the non-binding LOI, as well as the aforementioned
near-term progress that might be achieved, we have elected to
terminate the LOI.
We have maintained good relations with the consortium of
investors, and we may resume negotiations as we deliver on our
African development campaign."
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.
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END
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