Zenith Energy Ltd - Update on Tilapia in the Republic of the Congo
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" or the "Company")
Update on Tilapia in the
The Company can confirm that the Company's subsidiary in the
New 25-year licence for Tilapia ("Tilapia II")
The Company is pleased to announce that, in accordance with local procedures, it has submitted a comprehensive commercial and technical offer (the "Offer") to the
In consideration of the impact of the ongoing COVID-19 pandemic, as well as the expected evaluation period for the Company's aforementioned Offer, the Company expects to receive a preliminary indication regarding the possible acceptance of the Offer within the next 30 days.
"We are very excited about the good progress we have achieved in recent weeks in the
The Tilapia asset has transformational production potential and the award of a new 25-year licence will represent the first important successful milestone in our journey in the Congo. It is our hope and expectation that we shall achieve this goal in due course.
I am also pleased to confirm that negotiations are nearing a conclusion with regards to defining a payment plan for the repayment of the
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Tel: +1 (587) 315 9031
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Notes to Editors:
Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically in
This information is provided by RNS, the news service of the
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