IN BRIEF: Zenith Energy agrees USD4 million rig scale

Zenith Energy Ltd - Calgary, Canada-based energy production, exploration and development company - Agrees terms for the sale of its ZEN-260 onshore drilling rig to "a company operating in the oil and gas sector in the Philippines," for gross consideration of approximately USD4.3 million. Zenith originally purchased the rig in 2018 for approximately EUR2.3 million. Says this materially exceeds previously disclosed indicative offers of around USD2 million, and that this "reflects both the outcome of a competitive process involving multiple interested counterparties and the strengthened oil and gas pricing environment." Expects the buyer to import the rig in July, and notes that the relevant Philippine authorities have granted the necessary approvals. Zenith says the sale will strengthen its financial position and provide additional funding to accelerate the development of its Italian solar portfolio.

"We are extremely pleased with the progress achieved in relation to the sale of the ZEN-260 and the substantial increase in value obtained through the negotiation process. With the Company's strategic focus increasingly directed towards the development of our Italian energy and solar portfolio, we believe this transaction represents an excellent opportunity to monetise a non-core asset at an attractive valuation," comments Chief Executive Officer Andrea Cattaneo. "The transaction represents a strong outcome for Zenith and demonstrates management's focus on unlocking value from non-core assets while supporting the continued development of our Italian solar portfolio."

Current stock price: 6.60 pence, up 6.5% in London on Friday

12-month change: down 46%

By Emma Curzon, Alliance News reporter

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