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Beskrivning

LandKanada
ListaEuronext Growth Oslo
SektorRåvaror
IndustriOlja & gas
Zenith Energy är verksamma inom olje- och gassektorn. Bolaget är specialiserade inom prospektering samt vidare utvinning av olja- och naturgas. Störst andel av förnödenheterna består av råolja. Verksamhet återfinns inom Mellanöstern samt inom Azerbajdzjan där bolaget förfogar över större produktionsanläggningar. Kunderna består huvudsakligen av stora industriella aktörer runtom den globala marknaden.
2020-05-05 12:19:24
May 5, 2020

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Completion of Tilapia acquisition 

Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:ZEN); (TSXV:ZEE);
(OSE:ZENA-ME), the international oil & gas production company focused on African
development opportunities, is pleased to announce the successful completion of
the acquisition from AIM listed Anglo African Oil & Gas plc (“AAOG”) of a 100
percen. interest in its fully owned subsidiary in the Republic of the Congo,
Anglo African Oil & Gas Congo S.A.U ("AAOG Congo"), which has a 56 percent
majority interest in, and is the operator of, the Tilapia oilfield. 

As announced on April 17, 2020, the Company entered into a conditional deed of
variation to vary the terms of a share purchase agreement with AAOG for the
acquisition of a 100 per cent interest in AAOG Congo and related intercompany
loans (the "Acquisition") for a revised total consideration of £200,000
("Consideration").

In accordance with the terms of the amended share purchase agreement, completion
(“Completion”) has taken place within one business day of AAOG shareholder
approval being obtained at the AAOG general meeting held yesterday, May 4, 2020.


Pursuant to the terms of the share price agreement for the Acquisition, AAOG has
novated 100% of the intercompany loans with AAOG Congo to Zenith as of the date
of Completion, equivalent to approximately £12.5 million

As previously announced, AAOG Congo has approximately US$5.3 million in
receivables. 

Zenith is now working to conclude the necessary regulatory process in the
Republic of the Congo to approve the transfer of ownership, as well as
finalising negotiations for a new 25-year licence for Tilapia. 

The Company confirms that, following Completion, it has now assumed control of
AAOG Congo and expects to shortly implement a series of cost-cutting measures
and management changes to maximise efficiency in the current low oil price
environment. 




Andrea Cattaneo, Chief Executive Officer, commented:

“I am delighted to have now fully completed the acquisition of Tilapia,
especially under the recently renegotiated highly favourable terms. 

We have obtained exceptional value for Zenith shareholders, and I am greatly
excited about our potentially transformational development opportunities in the
Republic of the Congo at Tilapia. 

The Republic of the Congo is an enormously prospective hydrocarbon province
which has proven itself to be a very supportive jurisdiction for junior,
independent oil companies with ambitious development objectives such as Zenith. 


Our focus is now on finalising the necessary regulatory process for the transfer
of ownership, as well as concluding negotiations for a new 25-year licence. 

At the same time, our technical team is making all the necessary operational
preparations for planned drilling activities in well TLP-103C. 

I look to forward to further updating our shareholders on Zenith’s exciting
progress in a number of areas in due course.” 



Completion of Private Placement first announced on April 30, 2020 

The Company is pleased to announce that it has now received conditional approval
for a private placement, first announced to the market on April 30, 2020, to
issue up to 60,000,000 new common shares to raise gross proceeds of up to
approximately £540,000 or NOK6,600,000 or CAD$900,000 (”Private Placement"). 

Zenith has completed two fully subscribed offerings, one in the United Kingdom
(the "UK Financing"), and the other in Norway (the "Norwegian Financing",
collectively: the "Financings").
 
The Financings have attracted the participation of several existing high
net-worth private investors, an existing institutional investor, as well as a
Director of the Company to raise an aggregate total amount of approximately
£540,000 or NOK 6,600,000 or CAD$900,000. 
 
The Financings are subject to final approval from the TSX Venture Exchange.

Issue Price
 
The issue price of the Financings was £0.009 (0.9 pence) for the UK Financing
and NOK 0.11 for the Norwegian Financing.




Norwegian Financing
 
Zenith has issued a total of 30,153,059 common shares of no par value in the
capital of the Company in connection with the Norwegian Financing (the
"Norwegian Financing Common Shares") to raise gross proceeds of NOK 3,317,000
(approximately £271,000 or CAD$453,000). 
 
An application for the Norwegian Financing Common Shares to be listed on the
standard segment of the FCA Official List and to be admitted for trading on the
London Stock Exchange Main Market for listed securities (the "Norwegian
Financing Admission") will be made within 12 months of the issue of the
Norwegian Financing Common Shares.
 
 
UK Financing 
 
Zenith has issued a total of 29,846,941 common shares of no par value in the
capital of the Company in connection with the UK Financing (the "UK Financing
Common Shares") to raise gross proceeds of £269,000 (approximately CAD$447,000).

 
An application for the UK Financing Common Shares to be listed on the standard
segment of the FCA Official List and to be admitted for trading on the London
Stock Exchange Main Market for listed securities (the "UK Financing Admission")
will be made.
 
It is expected that the UK Financing Admission will become effective and that
unconditional dealings in the UK Financing Common Shares will commence on or
around 8.00 a.m. (BST) on approximately May 12, 2020.
 
 
Director Dealing/ PDMR Shareholding
 
Mr. Andrea Cattaneo, Chief Executive Officer & President of Zenith, has advised
the Company that, in relation to the aforementioned Norwegian Financing, he
subscribed for 5,000,000 common shares of no-par value in the capital of the
Company.
Following the aforementioned dealing, Mr. Cattaneo is directly beneficially
interested in a total of 57,984,115 common shares in the capital of the Company,
representing 8.15 percent of the total issued and outstanding common share
capital of the Company admitted to trading on the TSX Venture Exchange and
Merkur Market of the Oslo Stock Exchange.
Total Voting Rights

The Company wishes to announce, in accordance with the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules, the following updated
information as a result of the Private Placement.
 
Class of share	 
Total number of shares	 
Number of voting rights per share	 
Total number of voting rights per class of share
 
Common Shares in issue and admitted to trading on the Main Market of the London
Stock Exchange	313,400,824	1	313,400,824
Common Shares in issue and admitted to trading on the
TSXV	712,072,921	1	712,072,921
Common Shares in issue and admitted to trading on the Merkur Market of the Oslo
Børs	712,072,921	1	712,072,921
 


Further Information:

Zenith Energy Ltd	
Andrea Cattaneo, Chief Executive Officer	Tel: +1 (587) 315 9031
	E-mail: info@zenithenergy.ca

Novum Securities Limited - Broker	
Colin Rowbury	Tel: + 44 (0) 207 399 9400
 
 
 
Notes to Editors:   
 
Zenith Energy Ltd. is an international oil and gas production company focused on
pursuing potentially transformational oil and gas production opportunities in
Africa. It is listed on the TSX Venture Exchange (TSX.V:ZEE), London Stock
Exchange (LSE:ZEN) and Merkur Market of the Oslo Stock Exchange (ZENA:ME). 
The Company was assigned a medium to long-term issuer credit rating of "B+ with
Positive Outlook" on October 9, 2019 by Arc Ratings, S.A. On November 18, 2019,
the Company was assigned a "B+" with Stable Outlook debt issuer credit rating by
Rating-Agentur Expert RA.