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Zenith Energy Ltd - oil & gas production company with operations in Italy, Tunisia, Azerbaijan, and the Republic of the Congo - Extends duration of non-binding letter of intent signed with Arab consortium for USD2 million investment in share capital. Extension is for 90 days and terms remain unchanged with the investment prices at 2.5 pence per share. Investment subject to conditions include successful completion of acquisition in Tunisia as well as acquisition of two West Africa oil production licences. Investment also conditional on appointment of investor-proposed director to Zenith board. Acquisitions set to result in more than 1,500 barrels of oil per day production for Zenith across asset portfolio.
Current stock price: 0.60 pence
Year-to-date change: down 68%
By Anna Farley; annafarley@alliancenews.com
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