Zenith Energy Ltd Director/PDMR Shareholding (0404Z)

TIDMZEN

RNS Number : 0404Z

Zenith Energy Ltd

15 May 2019

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.

May 15, 2019

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Director/ PDMR Shareholding

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME) the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, announces that its Chief Executive Officer & President, Mr. Andrea Cattaneo, has advised the Company that he has granted a call option on May 13, 2019 over 1,000,000 common shares of no par value ("Common Shares") in the capital of the Company, owned by Mr Cattaneo, at an exercise price of CAD$0.10 per Common Share (approximately GBP0.057) that can be exercised between July 1, 2019 and April 4, 2020 (the "Option").

Following the granting of the Option, Mr. Cattaneo is directly beneficially interested in a total of 22,307,911 Common Shares in the capital of the Company, representing 8.02% of the total issued and outstanding common share capital of the Company admitted to trading on the Main Market for listed securities of the London Stock Exchange, and representing 7.14% of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Børs.

As announced on December 15, 2017, Mr. Cattaneo is indirectly interested in a total of 1,250,000 Common Shares, today representing 0.48% of the Company's issued and outstanding common share capital admitted to trading on the Main Market of the London Stock Exchange, and representing 0.40% of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Børs.

Further information:

 
 Zenith Energy Ltd 
 Andrea Cattaneo, Chief Executive      Tel: [phone] 
  Officer 
                                      ----------------------------- 
                                       E-mail: [e-mail] 
                                      ----------------------------- 
 
 Peterhouse Capital - Joint Broker     Tel: + 44 (0) 207 469 
                                        0930 
                                      ----------------------------- 
 Lucy Williams 
                                      ----------------------------- 
 Charles Goodfellow 
                                      ----------------------------- 
 
 Novum Securities Limited - Joint      Tel: + 44 (0) 207 399 
  Broker                                9400 
                                      ----------------------------- 
 Charlie Brook-Partridge 
                                      ----------------------------- 
 Hugh McAlister 
                                      ----------------------------- 
 
 Allenby Capital Limited - Financial   Tel: + 44 (0) 203 328 
  Adviser                               5656 
                                      ----------------------------- 
 Nick Harriss 
                                      ----------------------------- 
 Nick Athanas 
                                      ----------------------------- 
 
 IFC Advisory Limited - Financial      Tel: + 44 (0) 203 934 
  PR & IR                               6630 
                                      ----------------------------- 
 Graham Herring 
                                      ----------------------------- 
 Miles Nolan 
                                      ----------------------------- 
 Zach Cohen 
                                      ----------------------------- 
 

Notes to Editors:

Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London Stock Exchange (LSE:ZEN). In addition, the Company's common share capital was admitted to trading on the Merkur Market of the Oslo Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Børs.

The Company was assigned a medium to long-term issuer credit rating of "B+ with Positive Outlook" on October 8, 2018 by Arc Ratings, S.A.

The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016.

The Company's primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company's Italian operations produce natural gas, condensate and electricity.

Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector. The Company's Board of Directors and senior management team have the experience and technical expertise to develop the Company successfully.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
  1    Details of the person discharging managerial 
        responsibilities / person closely associated 
 a)    Name                              Andrea Cattaneo 
      --------------------------------  --------------------------- 
 2     Reason for the notification 
      --------------------------------------------------------------- 
 a)    Position/status                   Chief Executive Officer 
                                          & President 
      --------------------------------  --------------------------- 
 b)    Initial notification/Amendment    Initial Notification 
      --------------------------------  --------------------------- 
 3     Details of the issuer, emission allowance market 
        participant, auction platform, auctioneer or 
        auction monitor 
      --------------------------------------------------------------- 
 a)    Name                              Zenith Energy Ltd. 
      --------------------------------  --------------------------- 
 b)    LEI                               213800AYTYOYD61S4569 
      --------------------------------  --------------------------- 
 4     Details of the transaction(s): section to be 
        repeated for (i) each type of instrument; (ii) 
        each type of transaction; (iii) each date; and 
        (iv) each place where transactions have been 
        conducted 
      --------------------------------------------------------------- 
 a)    Description of the                Common Shares 
        financial instrument, 
        type of instrument 
      --------------------------------  --------------------------- 
       Identification code               CA98936C1068 
      --------------------------------  --------------------------- 
 b)    Nature of the transaction         Granting of call option 
      --------------------------------  --------------------------- 
 c)    Price(s) and volumes(s)           Price(s)       Volume(s) 
      --------------------------------  -------------  ------------ 
    CAD$0.10                                             1,000,000 
  ---------------------------------------------------  ------------ 
 d)    Date of the transaction(s)         May 13, 2019 
      --------------------------------  --------------------------- 
 e)    Place of the transaction           TSX Venture Exchange 
      --------------------------------  --------------------------- 
 

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 [e-mail] or visit www.rns.com.

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May 15, 2019 02:02 ET (06:02 GMT)