Zenith Energy Ltd Cooperation Agreement for new acquisitions in MENA (1599L)
January 11 2021 - 2:15AM
UK Regulatory
TIDMZEN
RNS Number : 1599L
Zenith Energy Ltd
11 January 2021
January 11, 2021
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 ENERGY LTD.
("Zenith" or the "Company")
Cooperation Agreement for new acquisitions in MENA region
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that it has entered into a cooperation agreement ("CA")
with Fleet Oil & Gas S.A., ("Fleet"), a privately owned oil and
gas company led by the former Egyptian Petroleum Minister, His
Excellency Eng. Mahmoud Latif Amer. Fleet is headquartered in
Dubai, United Arab Emirates and has a representative office in
Cairo, Egypt. The purpose of the CA is to jointly identity and
pursue oil and gas production and exploration acquisitions in the
Mediterranean, the Middle East and Africa.
Under the terms of the CA, Zenith and Fleet (collectively, the
"Parties") will jointly identify certain potential acquisition
opportunities ("Potential Acquisitions") and conduct due diligence
on any transaction that is deemed to be a suitable potential
acquisition. In the event a Potential Acquisition is mutually
approved and taken forward following the completion of a
satisfactory due diligence exercise, the Parties have agreed to
enter into a joint venture agreement to be made by way of a newly
incorporated vehicle, which will be subject to a separate agreement
at the time.
The Company is pleased to confirm that the Parties are reviewing
a number of Potential Acquisitions, both operated and non-operated,
with a production rate in excess of 2,000 barrels of oil per
day.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"I am delighted to have started this cooperation with Fleet at a
particularly exciting juncture in our development in Africa.
Fleet has significant expertise in identifying highly attractive
oil and gas projects, as well as having an impressive network of
high-level contacts across the region.
We are already at advanced stage of cooperation with the Fleet
team to jointly progress a number of compelling opportunities to
enhance our portfolio, as well as exploring potential project
financing from certain Middle Eastern financial institutions for
our intended operational activities during 2021."
Eng. Essam Kafafi, Chief Executive Officer of Fleet,
commented:
"Fleet Oil and Gas is proud to announce its collaboration with
Zenith, a definitive step towards expanding our oil and gas
offerings in the region. I am confident this cooperation will help
us as we continue to strengthen and grow our position and
capabilities."
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 5656
Nick Athanas
-----------------------------
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 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.
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END
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