Zenith Energy Ltd Strategy Update (7950A)
May 26 2023 - 3:00AM
UK Regulatory
TIDMZEN
RNS Number : 7950A
Zenith Energy Ltd
26 May 2023
May 26, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Strategy Update
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA) , the international
energy production company, is pleased to provide an update on
recent corporate development activities.
The Company's management is currently reviewing a selection of
oil production and development assets located in Texas, Oklahoma,
and California in the United States of America (the "Potential
Acquisitions"). If any of these Potential Acquisitions are
completed, the Company will make further announcements, and at this
stage, no terms are finalised.
The Potential Acquisitions are all located in prolific oil and
gas basins with proven petroleum systems.
It is expected that, if the Potential Acquisitions are
completed, a production rate in the range of approximately 300-500
barrels of oil per day might be achieved upon completion.
Drilling activities can be performed at relatively low-cost and
without significant delay in view of the ready availability of
equipment. The average total depth of production wells in the
project areas of the Potential Acquisitions ranges between 500 to
2,000 metres.
Andrea Cattaneo , Chief Executive Officer, commented:
"We are pleased to begin a new chapter in our corporate
development as we potentially complete a series of revenue
generating production and development acquisitions in the USA.
It is key to underline that this does not represent a change in
strategy or a departure from our business development objectives in
Africa, the Middle East and Italy.
However, in view of certain attractive opportunities to increase
our daily production of oil in a stable jurisdiction at a time of
favourable energy pricing, we have not hesitated in exploring these
avenues whilst we await potential positive developments in respect
of our publicly announced activities in other regions of focus.
We look forward with enthusiasm to providing more information on
these potential transactions in due course. "
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 Bowld E: zenith@blytheray.com
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 transformational
opportunities in the Middle East, Africa, and Europe 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
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