October 6, 2020
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Request for a Suspension
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, has today requested a suspension under the Listing
Rules of its listing from the standard segment of the UK Official List and of
the trading of its common shares of no par value (“Common Shares”) on the Main
Market of the London Stock Exchange (the “Suspension”). The Suspension has been
requested as the Company has yet to publish its audited financial statements for
the year to 31 March 2020 in accordance with the requirements of part 4.1 of the
Disclosure Guidance and Transparency Rules (the “Annual Report”). The Company
will seek the lifting of the Suspension on the publication of Annual Report.
The Common Shares will concurrently be suspended from trading on the Merkur
Market of the Oslo Stock Exchange.
As announced on 30 September 2020, the Company expects the Annual Report to be
published in or around the week beginning 19 October 2020, with any variance to
this expectation to be updated to the market. As previously set out, this delay
follows consultations with its independent auditor, PKF LittleJohn, resulting
from the imminent potential award of a new 25-year license in the Republic of
the Congo for the Tilapia oilfield.
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 in respect of the acquisition of
Anglo African Oil & Gas Congo S.A.U.
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