LONDON (Alliance News) - Natural resources investment firm Gunsynd PLC on Monday said it has signed an agreement to invest GBP100,000 in Canada-listed oil and gas firm Zenith Energy Ltd.
Gunsynd will invest the funds via a convertible loan note as part of a wider fundraising for Zenith of GBP500,000.
Zenith has bought the rehabilitation, exploration and development, and production sharing agreement over three adjacent oil fields in Azerbaijan - Muradxanli, Carfarli and Zardab.
"This initial investment by Gunsynd provides an excellent opportunity for the company to participate in a proven low cost producing field with substantial upside from both workovers and new drilling. The company looks forward to participating with Zenith Energy in optimising the potential of these three fields," said Gunsynd Chairman Hamish Harris.
Shares in Gunsynd were flat at 0.0575 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Gunsynd (GUN)