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Zenith Energy är ett internationellt olje- och gasbolag. Bolagets primära fokus är utveckling av stora olje- och gasfält på land. Zenith bedriver verksamhet på Azerbadjans största oljefält. Zenith Energy har sitt huvudkontor i Calgary, Kanada.

Kalender

2021-08-31 Bokslutskommuniké 2020
2020-11-30 Kvartalsrapport 2020-Q2
2020-09-08 08:30:00
September 8, 2020

ZENITH ENERGY LTD.   

("Zenith" or the "Company")

Acquisition of Sidi El Kilani from CNPC

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 its wholly owned
subsidiary Zenith Energy Netherlands B.V. ("Zenith Netherlands") has signed a
conditional sale and purchase agreement ("SPA") with CNPC International
(Tunisia) Ltd., ("Seller"), a 100% subsidiary of CNPCI, CNPC International Ltd.,
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 25% of the issued share capital of the
company.

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.
 
The consideration payable by Zenith Netherlands under the terms of the SPA is
US$300,000 (the “Consideration”). 
 
Completion of the SPA is conditional on approval being granted by the Comité
Consultatif des Hydrocarbures (“CCH”) of the Republic of Tunisia in respect of
the transfer of the Seller's right, title and interest in and under the SLK
Concession to Zenith Netherlands (“Completion”). 

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. 

Background 

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 April 20, 2020, the Company announced to the market that it had signed a
conditional SPA to acquire the working interest of 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, in relation
to the Tunisian Acquisition. 

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. 

Andrea Cattaneo, Chief Executive Officer, commented:

“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 Tunisia; a safe,
democratic jurisdiction with a long-established history of successful oil and
gas production activities for independent companies such as Zenith. 

The Company has developed a very constructive relationship with CNPCI, and we
look forward to exploring further opportunities for mutual cooperation in due
course.” 

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
Nick Athanas	Tel: + 44 (0) 203 328 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 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.