Zenith Energy Ltd - Acquisition of Sidi El Kilani from CNPC
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")
The Seller 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.
The Seller has agreed to sell, assign and transfer to
The consideration payable by
Completion of the SPA is conditional on approval being granted by the Comité Consultatif des Hydrocarbures ("CCH") of the
Upon Completion of the Tunisian Acquisition, the Company's working interest in SLK will equate to a daily production of approximately 300 barrels of oil per day.
The Tunisia Acquisition is Zenith's second acquisition in relation to SLK and enlarges the Company's total conditional interest in the Tunisian Acquisition to 45%. On
The Company is expecting regulatory approval from the CCH in relation to the Tunisian Acquisition from KUFPEC in due course.
As previously announced, Zenith has already engaged an independent qualified reserves evaluator to produce a new Competent Person's Report in compliance with Canadian securities laws, specifically the COGE Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, in order to obtain an updated reserves evaluation for the Tunisian Acquisition.
"We are delighted to have concluded this transaction with CNPCI.
The Board of Directors is highly satisfied with the favourable commercial terms agreed in relation to Tunisian Acquisition.
Upon Completion, the Company will have material daily production revenue and an exciting future in developing the Sidi El Kilani asset in partnership with Entreprise Tunisienne d'Activités Pétrolières (ETAP), the state oil company.
We are also very pleased to have increased our presence in
The Company has developed a very constructive relationship with CNPCI, and we look forward to exploring further opportunities for mutual cooperation in due course."
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Tel: +1 (587) 315 9031
Allenby Capital Limited - Financial Adviser & Broker
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Tel: + 44 (0) 203 328 5656
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
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