Zenith Energy Ltd Completion of Ezzaouia acquisition (3617T)
March 24 2021 - 07:32AM
UK Regulatory
TIDMZEN
RNS Number : 3617T
Zenith Energy Ltd
24 March 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
March 24, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Completion of Ezzaouia acquisition
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that, following its market announcement dated March 15,
2021, Zenith Energy Africa Limited ("ZEAL"), its fully owned
subsidiary, has now completed the acquisition of a 100 percent
interest in the fully owned subsidiary of Candax Energy Limited
("Candax") in Barbados, Ecumed Petroleum Zarzis Ltd ("EPZ"), (the
"Acquisition") , which holds a 45% interest in the Tunisian onshore
Ezzaouia Concession ("Ezzaouia").
Terms of the Acquisition
Pursuant to the terms of the SPA, ZEAL has acquired 100% of EPZ
for the aggregate amount of US$150,000, which has now been paid, as
well an additional US$100,000 to be satisfied by the issue of
ordinary shares in the share capital of Zenith to be issued within
sixty days of completion ("Consideration Shares") and a royalty
payable and calculated as US$0.35 per each barrel of hydrocarbons
produced from the Ezzaouia Concession and allocable to EPZ, with
the royalty not being less than an amount of US$50,000 per annum
for a period of ten years.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are very pleased to have achieved successful completion of
this transaction which gives Zenith monthly oil production revenue
of approximately US$400,000.
Ezzaouia has significant unexploited potential which we intend
to develop progressively via a combination of workover and drilling
activities to be commenced following consultation with our partners
in the very near future.
In addition, we have further reinforced our settlement in
Tunisia, enabling a demonstration of our technical and financial
capabilities locally.
The Board strongly believes in Zenith's successful establishment
in Tunisia and we intend to capitalise on certain additional
possible acquisition opportunities that may present themselves in
the near-term."
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
Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the oil
& gas sector, specifically in Africa.
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END
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