Kurs & Likviditet
Beskrivning
Land | Kanada |
---|---|
Lista | Euronext Growth Oslo |
Sektor | Råvaror |
Industri | Olja & gas |
2020-09-30 19:00:00
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 30, 2020. 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 published. 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 Africa. 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.” 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.