Source - LSE Regulatory
RNS Number : 2543V
Zenith Energy Ltd
30 November 2023
 

November 30, 2023          

   

ZENITH ENERGY LTD.

("Zenith" or the "Company")

New Kazakhstan subsidiary and pre-contract terms

 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to announce that, as it is now in the advanced stage of finalising terms for the potential acquisition of oil production and development assets, it has incorporated a subsidiary in the Republic of Kazakhstan, named Zenith Munay LLP.

 

With reference to the three memorandums of understandings (the "Memorandums") announced to the market during the month of September 2023, the Company is pleased to announce that after comprehensive technical, legal, and financial due diligence, it has agreed to formalise a pre-contractual framework with the seller for an opportunity comprising two oilfields with a near-term production potential of approximately 400 barrels of oil per day, located in the Atyrau Region of Kazakhstan (the "Potential Acquisition").

 

The Company expects to soon be able to formalise a binding agreement for completion of the Potential Acquisition, subject to local regulatory approvals, and will update the market accordingly.

 

Andrea Cattaneo, Chief Executive Officer, commented:   

 

"Zenith has made significant progress in its business development activities in the Republic of Kazakhstan, having evaluated a great number of potential opportunities.

 

It is our intention to achieve circa 400 barrels of oil per day as a starting point prior to gradually scaling up production via field rehabilitation operations and the drilling of new wells made possible by acquiring an asset with a favourable geology and material reserves.

 

We look forward with enthusiasm to our near-term progress and to delivering on our publicly announced strategy of being a profitable, revenue generating oil production and development business."

 

 

 

 


Further Information:

 

 

Zenith Energy Ltd 

Andrea Cattaneo, Chief Executive Officer

 

Tel: +1 (587) 315 1279

E:  info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser

Nick Harriss

 

Daniel Dearden-Williams

Tel: + 44 (0) 203 328 5656

 

 

 

Notes to Editors:             

                              

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa and Europe, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF).

 

Zenith's strategic focus is on pursuing development opportunities through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production.

 

For more information, please visit:  www.zenithenergy.ca

Twitter: @zenithenergyltd

LinkedIn:  https://bit.ly/3A5PRJb

 


 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

 

.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
CNTLBLFXXFLLFBL
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Zenith Energy Ltd. (ZEN)

0p (0.00%)
delayed 16:57PM