TIDMZEN
RNS Number : 5889R
Zenith Energy Ltd
30 June 2020
June 30, 2020
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Postponed publication of Year-End Results due to COVID-19
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; OSE:
ZENA-ME), the international oil & gas production company
focused on African development opportunities announces that, in
agreement with its independent auditor, PKF LittleJohn, and as a
result of the ongoing significant logistical difficulties and
restrictions on international travel caused by COVID-19, it has
postponed the filing of its audited consolidated financial
statements, management's discussion and analysis ("MD&A") and
annual information form, inclusive of the reserves disclosure
required by National Instrument 51-101 - Standards of Disclosure
for Oil and Gas Activities, for the year ended March 31, 2020
(collectively, the "Year-End Filings"), in reliance on the
exemption provided in ASC Blanket Order 51-517 - Temporary
Exemption from Certain Corporate Finance Requirements (and similar
exemptions provided by the other Canadian securities
regulators).
In accordance with the Financial Conduct Authority's guidance
published on March 26, 2020 regarding the extension of reporting
full year results for listed companies subject to Chapter 4 of the
Disclosure Guidance and Transparency Rules from 4 months to 6
months, the Company will publish its audited results for the year
to March 31, 2020 on or before September 30, 2020.
Until the Company has filed the Year-End Filings, members of the
Company's management and other insiders are subject to an insider
trading black-out policy that reflects the principles in section 9
of National Policy 11-207 - Failure-to-File Cease Trade Orders and
Revocations in Multiple Jurisdictions.
An update on material business developments since the filing of
the Company's interim financial statements and accompanying
MD&A for the period ended December 31, 2019 is described below,
certain of which have already been disclosed in prior public
announcements:
-- On June 25, 2020, the Company announced it completed the
handover process (the "Handover") of the Contract Rehabilitation
Area to SOCAR in the Republic of Azerbaijan. As a result of the
Handover, Zenith has ceased all oil production operations in
Azerbaijan and all field production personnel, approximately 170
employees, have been transferred to a division of SOCAR.
-- On June 9, 2020, the Company completed a private placement to
raise an aggregate total amount of approximately NOK 7,600,000
(approximately GBP645,000) through the issuance of 80,000,000
common shares of no-par value in the capital of the Company.
-- Effective May 29, 2020, the Company's common shares were
voluntarily delisted from the TSX Venture Exchange.
-- On May 5, 2020 the Company completed the acquisition from AIM
listed Anglo African Oil & Gas plc of a 100 percent interest in
its fully owned subsidiary in the Republic of the Congo, Anglo
African Oil & Gas Congo S.A.U., which has a 56 percent majority
interest in, and is the operator of, the Tilapia oilfield for total
consideration of GBP200,000.
-- On May 5, 2020, the Company completed a private placement to
raise an aggregate total amount of approximately GBP540,000 or NOK
6,600,000 or CAD$900,000 through the issuance of 60,000,000 commons
shares of no-par value in the capital of the Company.
-- On April 20, 2020, the Company announced that its newly
created wholly owned subsidiary Zenith Energy Netherlands B.V.
("Zenith Netherlands") had signed a conditional sale and purchase
agreement ("SPA") with KUFPEC (Tunisia) Limited ("Seller"), 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 the
acquisition of a working interest in, inter alia, the North
Kairouan permit and the Sidi El Kilani Concession (the "Tunisian
Acquisition"), which contains the Sidi El Kilani oilfield ("SLK").
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 22.5% of the issued share capital of the company.
Zenith's partners in the Tunisian Acquisition will include the
national oil company of Tunisia, Entreprise Tunisienne d'Activités
Pétrolières (ETAP) with a 55% interest and CNPC, China National
Petroleum Corporation with a 22.5 % interest. The Seller has agreed
to sell, assign and transfer to Zenith Netherlands the Tunisian
Acquisition on the terms and subject to the conditions set out in
the SPA.
-- On April 8, 2020, the Company completed a private placement
to raise an aggregate total amount of approximately GBP525,000 or
NOK 6,750,000 or CAD$921,000 through the issuance of 75,000,000
commons shares of no-par value in the capital of the Company.
-- On February 17, 2020, the Company completed a private
placement to raise an aggregate total amount of approximately
GBP300,000.00 through the issuance of 20,000,000 commons shares of
no-par value in the capital of the Company.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
----------------------------
E-mail: info@zenithenergy.ca
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Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Merkur Market of the Oslo Stock Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector, specifically in Africa. The Company's board
of directors and senior management team have the experience and
technical expertise to develop the Company successfully.
Reader Advisory
Forward Looking Statements. Certain statements contained in this
press release may constitute forward-looking information. These
statements relate to future events or future performance. The use
of any of the words "could", "intend", "expect", "believe", "will",
"projected", "estimated", "proposed" and similar expressions and
statements relating to matters that are not historical facts are
intended to identify forward-looking information and are based on
the Company's current believe or assumptions as to the outcome and
timing of such future events. Such forward-looking information is
subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements. In particular, this press release
contains forward-looking information relating to the anticipated
filing of the Year-End Filings and the completion of the Tunisia
Acquisition. Various assumptions or factors are typically applied
in drawing conclusions or making the forecast or projections set
out in forward-looking information. Those assumptions and factors
are based on information currently available to the Company. The
forward-looking information contained in this press release is made
as of the date hereof and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
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.
END
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