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Share Name Share Symbol Market Type Share ISIN Share Description
Zenith Energy Ltd. LSE:ZEN London Ordinary Share CA98936C1068 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.875 0.85 0.90 0.875 0.85 0.875 884,553 08:00:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.4 6.7 -83.0 - 3

Zenith Energy Ltd Extension of SPA for SLK acquisition from KUFPEC

08/04/2021 7:00am

UK Regulatory (RNS & others)


Zenith Energy (LSE:ZEN)
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RNS Number : 7554U

Zenith Energy Ltd

08 April 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

April 8, 2021

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Extension of SPA for acquisition of SLK from KUFPEC

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 its wholly owned subsidiary Zenith Energy Netherlands B.V. ("Zenith Netherlands") has signed an extension agreement (the "Extension") in respect of the conditional sale and purchase agreement ("SPA") it signed with KUFPEC (Tunisia) Limited ("KUFPEC"), a 100% subsidiary of Kuwait Foreign Petroleum Exploration Company K.S.C.C, a subsidiary of the State of Kuwait's national oil company, for a participation in, inter alia, the North Kairouan permit and the Sidi El Kilani Concession (the "Tunisian Acquisition"), which includes the Sidi El Kilani oilfield ("SLK"). For reference, signing of the SPA was announced to the market on April 20, 2020.

KUFPEC holds an undivided 22.5% interest in the Tunisian Acquisition, together with 25 Class B shares in Compagnie Tuniso-Koweito-Chinoise de Pétrole (CTKCP), the operator, representing 25% of the issued share capital of the company.

Completion of the SPA remains conditional on a favourable opinion being granted by the Comité Consultatif des Hydrocarbures ("CCH") of the Republic of Tunisia and the approval of the Tunisian State represented by the Ministry of Industry and Energy in respect of the transfer of KUFPEC's right, title and interest in and under the SLK Concession to Zenith Netherlands ("Completion").

The Extension has been granted in view of the difficulties caused by the ongoing COVID-19 pandemic which have not enabled Completion to be achieved. The new Longstop date for Completion of the SPA is June 30, 2021.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We look forward with enthusiasm to hopefully completing the acquisition of SLK in due course once we receive a favourable opinion from the CCH and the approval of the Tunisian State.

The Board is increasingly confident regarding Zenith Energy's establishment in Tunisia, where we are currently assessing certain additional oil production and development opportunities to further enrich our portfolio."

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 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.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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April 08, 2021 02:00 ET (06:00 GMT)

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