Zenith Energy Ltd Completion of EPT acquisition (2973Y)
May 12 2021 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 2973Y
Zenith Energy Ltd
12 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
May 12, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Completion of EPT 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 April 30,
2021, Compagnie Du Desert Ltd ("CDD"), 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 Tunisia Ltd ("EPT") (the "Acquisition"),
which holds a 100% interest in the El Bibane and Robbana
concessions in Tunisia.
Terms
Pursuant to the terms of the SPA, CDD acquired 100% of the
issued share capital of EPT for a nominal consideration of US$100
payable at completion, as well as an additional consideration of
approximately USD$200,000 in the form of assumption of debt payable
by the end of May 2021.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are very pleased to have now formally completed the
acquisition of the El Bibane and Robbana concessions which enables
Zenith to hold an enlarged portfolio with a daily production of
crude oil, natural gas and condensate in Tunisia.
The Company's focus will now turn towards beginning to exploit
the significant untapped hydrocarbons production potential of our
newly acquired Tunisian assets. An update in this respect will be
provided in due course once we have finalised our operational
working programme."
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 5656
Nick Athanas
-----------------------------
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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