September 18, 2020
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Submission of Bid in Nigeria’s 2020 Marginal Field Round
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 that it has submitted a
technical and commercial bid (the “Bid”) with the Nigerian Department of
Petroleum Resources (“DPR”) for a marginal field in the 2020 Marginal Field Bid
Round (“Bid Round”).
A total of 57 marginal fields comprising a selection of onshore, swamp and
shallow offshore fields have been included in the Bid Round. The Company is
participating in the Bid Round as technical and financial partner to a Nigerian
registered oil and gas company. Submission of the Bid represents completion of
the second stage of the Bid Round process, following the successful
pre-qualification of Zenith and its local partner announced to the market on
August 20, 2020.
The Company will provide further information as appropriate once the next stage
of the Bid Round is concluded.
Andrea Cattaneo, Chief Executive Officer, commented:
“The Bid Round represents a very rare opportunity for Zenith to acquire a large,
underdeveloped, near-term production asset in Nigeria. Indeed, the last
opportunity of this kind was in 2003.
We have worked closely with our Nigerian partner to complete the necessary
commercial and technical analysis required for submission of our Bid and in
selecting the most compatible asset.
In the event our Bid is accepted, we have already received positive indications
from a number of pan-African financial institutions regarding obtaining the
necessary financing to develop the asset and achieving commercial production.
I look forward to updating the market in due course regarding this opportunity.”
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