Zenith Energy Ltd Third MOU for oil production asset in Kazakhstan (9133M)
September 19 2023 - 3:45AM
UK Regulatory
TIDMZEN
RNS Number : 9133M
Zenith Energy Ltd
19 September 2023
September 19, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Third MOU for oil production asset in Kazakhstan
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international
energy production and development company, is pleased to announce
that it has signed a third MOU (the "MOU") with a company
incorporated in Kazakhstan (the "Seller") to evaluate the potential
acquisition of an oil production and development asset.
The Seller holds a 100% interest in an oil production and
development asset located in the Atyrau Region of Kazakhstan (the
"Potential Acquisition").
The Potential Acquisition formerly produced from wells drilled
in 2008 at a rate of approximately 200 barrels of oil per day prior
to the onset of the COVID-19 pandemic. Production is currently
suspended. The Potential Acquisition was re-tendered by the local
authorities, free of any legal or financial encumbrances, in August
2023.
The purpose of the MOU is to formalise a framework whereby
Zenith's interest in the Potential Acquisition may be completed
subject to the completion of a rigorous technical and financial due
diligence.
According to the terms of the MOU, commercial terms for the
Potential Acquisition, if agreed between the parties, are to be
formalised by way of a share purchase agreement on or before
November 30, 2023.
The 2P (proven and probable) reserves of the Potential
Acquisition have been quantified in the amount of approximately 5
million barrels of oil, registered with the Kazakhstan State Oil
Balance List. This evaluation has not been performed in accordance
with Canadian securities laws, specifically the C OGE Handbook and
National Instrument 51-101 - Standards of Disclosure for Oil and
Gas Activities.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to have signed an MOU for the third potential
acquisition opportunity we intend to evaluate in Kazakhstan,
located in the geographic vicinity of the first potential
acquisition opportunity announced to the market on September 4,
2023.
Our strategy, to be achieved through our acquisition campaign in
the USA and Kazakhstan, is to create a profitable, revenue
generating energy production portfolio with significant untapped
potential for long-term development in assets with uncomplicated
geologies situated in commercially favourable jurisdictions."
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 1279
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
BlytheRay - Financial PR/IR Tel: +44 207 138 3204
Tim Blythe, Megan Ray, Matt E: zenith@blytheray.com
Bowld
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328 5656
Adviser
Nick Harriss
Daniel Dearden-Williams
Miriad Limited - Media Enquiries Tel: +44 7867527659
Zak Mir E: zak@zakmir.com
Notes to Editors :
Zenith Energy Ltd. is a revenue generating, independent energy
company with production, exploration and development assets in
Africa, the Middle East and Europe, including electricity
generation in Italy. The Company is listed on the London Stock
Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo
Stock Exchange (OSE: ZENA).
Zenith's strategic focus is on pursuing development
opportunities through the development of proven revenue generating
energy production assets, as well as low-risk exploration
activities in assets with existing production.
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
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