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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.
2020-08-20 08:30:00
August 20, 2020

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Pre-qualification in Nigeria's 2020 Marginal Field Bid Round
 
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE:ZEN; OSE:ZENA-ME), the
listed international oil & gas production company, is pleased to announce that
it has successfully pre-qualified in the 2020 Marginal Field Bid Round ("2020
Bid Round"), organised by the Nigerian Department of Petroleum Resources
("DPR").  
 
As announced on June 16, 2020, the Company is participating in the 2020 Bid
Round in the capacity of technical and financial partner to a Nigerian
registered oil and gas company. 
 
Participation in the 2020 Bid Round entails a process commencing with the
achievement of pre-qualification by companies deemed to have the necessary
technical and financial capabilities to participate  and duly registered in
Nigeria to carry out hydrocarbon production and exploration activities by DPR,
followed by submission of a commercial and technical bid for evaluation under a
number of criteria by the Honourable Minister of Petroleum Resources ("HMPR").
It is concluded with the potential assignment of a Marginal Field once all the
necessary formalities have taken place and final approval from the President of
Nigeria, in accordance with the Petroleum Act (1969), is obtained. 

Andrea Cattaneo, Chief Executive Officer, commented:

"We are very pleased to have successfully pre-qualified for the 2020 Bid Round
with our Nigerian partner. This Bid Round represents an exceptionally rare
opportunity for Zenith to acquire, at highly advantageous terms, a large,
underdeveloped, near-term production asset. This is especially the case in the
current low oil price environment. 

Further, the near-term production potential of certain assets is expected to
facilitate the achievement of financing agreements to support the required
acquisition and development costs necessary to restore commercial production
from these assets. 

I look forward with great enthusiasm to further progressing this opportunity."  

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.