Zenith Energy has entered into an exclusivity agreement to acquire various production and exploration licences in Azerbaijan. It didn't disclose a potential purchase price.
The proposed deal, which is still subject to due diligence, involves Zenith acquiring a combined total acreage of around 3,600 square kilometres.
"Zenith is considering a number of funding options to finance the potential transaction including debt and equity, whilst seeking to avoid significant dilution to existing shareholders," the company said.
At 9:31am: (LON:ZEN) Zenith Energy Ltd share price was 0p at 8.38p