September 30, 2020
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Preliminary unaudited financial results for the year ended March 31, 2020
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 its preliminary unaudited
consolidated financial results for the year ended March 31, 2020.
Following consultations with its independent auditor, PKF LittleJohn, and a
result of the imminent potential award of a new 25-year license in the Republic
of the Congo for the Tilapia oilfield, the Company will publish its audited
financial results for the year ended March 31, 2020 around the week starting
October 19, 2020.
Zenith can also confirm that it has engaged the auditors to perform an ISRE 2410
review on the interim financial statements for the six months ended September
Further, the Company is in the process of engaging a Big 4 accounting firm to
perform a Purchase Price Allocation exercise (“PPA”) in respect of the
acquisition of Anglo African Oil & Gas Congo S.A.U ("AAOG Congo").
Shareholders are cautioned not to place undue reliance on these preliminary
results as material differences may arise once the audited financial results are
The Company and its subsidiaries have been impacted by the COVID-19 pandemic and
continue to be affected. The pandemic has caused problems with international
travel and in the availability of appropriate individuals both within the
Company and among suppliers and government-sector bodies with which it
interacts. In addition, the sharp decline in world economic output as a result
of the pandemic, has had a negative impact on oil prices and demand for oil
products. While the Board believes matters will improve substantially in the
future as the effects of the COVID-19 pandemic are progressively overcome, there
remains a material possibility that the pandemic situation may deteriorate
further, which would impact the financial situation of the Company.
Commenting on the results, Mr. Andrea Cattaneo, Chief Executive Officer, stated:
“We are pleased to have achieved significant reductions in our G&A expenses for
the year ended March 31, 2020.
These results also reflect the reconfiguration of the Company’s geographic
footprint following the cessation of oil production activities in Azerbaijan and
our new focus on acquiring onshore oil production and development assets in
We are fully confident our recently announced acquisitions will strongly
position the Company, especially in terms of profitability, when oil prices
progressively recover with a return to normalised worldwide economic activity
following the progressive alleviation of the COVID-19 pandemic.
In agreement with our independent auditors, we have delayed the publication of
our audited financial results for the year ended March 31, 2020 whilst we await
a final decision from the Ministry of Hydrocarbons of the Republic of the Congo
in response to our comprehensive technical and commercial offer for a new
25-year license for the Tilapia oilfield.
I look forward to reporting on our exciting progress in due course.”
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
Allenby Capital Limited - Financial Adviser & Broker
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
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