Zenith Energy Ltd Preparations for Tilapia II Licence (6170V)
August 10 2020 - 2:30AM
UK Regulatory
TIDMZEN
RNS Number : 6170V
Zenith Energy Ltd
10 August 2020
August 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")
Preparations for Tilapia II Licence
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production
company, is pleased to announce that it has incorporated Zenith
Energy Congo SA ("Zenith Congo"), a fully owned subsidiary of the
Company, created under the laws of the Republic of the Congo.
Zenith Congo has been established at the request of the Ministry
of Hydrocarbons for the purpose of receiving a new 25-year licence
following the submission of a comprehensive commercial and
technical offer (the "Offer") to the Ministry of Hydrocarbons of
the Republic of the Congo for the award of a new 25-year licence
for the Tilapia oilfield to be named "Tilapia II". For reference,
submission of the Offer was first announced to the market on July
20, 2020.
The Company plans to operate Zenith Congo in parallel to its
other fully owned subsidiary in the Republic of the Congo, Anglo
African Oil & Gas Congo S.A.U ("AAOG Congo"), which, as
publicly announced, has total receivables of approximately US$5.3
million from Société Nationale des Pétroles du Congo ("SNPC").
As a result, and in agreement with the Ministry of Hydrocarbons,
the Company has terminated the Plan for the Continuation of
Activities" ("PCA"), first announced to the market on July 20,
2020, and returned operatorship of the Tilapia licence from AAOG
Congo to a subsidiary of SNPC.
It is planned that, in the event the Offer is accepted by the
Ministry of Hydrocarbons of the Republic of the Congo, the new
operator of Tilapia II will be Zenith Congo.
Response to Media Speculation
The Company has become aware of speculation surrounding its
activities in the Republic of the Congo.
It is the view of the Board of Directors that the aforementioned
speculation is an attempt to create misplaced uncertainty amongst
shareholders as to Zenith's potential at this final stage in the
assignation of a new 25-year licence for Tilapia.
Zenith is fully confident in its position in the Republic of
Congo and believes that its future progress there will evidence the
unsubstantiated, malicious nature of the rumours being
circulated.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are looking forward with excitement to our journey in the
Republic of the Congo following the possible acceptance of the
Offer we have submitted. Furthermore, as announced on July 7, 2020,
we are currently working to submit a parallel offer in partnership
with a local company for a second licence in the vicinity of
Tilapia.
It is regrettable to observe damaging misinformation being
disseminated online about the Company. However, we are fully
confident in our position and the great potential of our near-term
progress."
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDSFLSMSESSEEA
(END) Dow Jones Newswires
August 10, 2020 02:30 ET (06:30 GMT)
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Apr 2024 to May 2024
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From May 2023 to May 2024