Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Updates on the legal claim of its fully owned subsidiary, Anglo African Oil & Gas Congo SAU, against SMP Energies. SMP Energies is the rig contractor that performed drilling services in wells TLP-103 and TLP-103C of the Tilapia oilfield in the Republic of the Congo during 2018 to 2019. It was ordered to pay EUR30,000 to AAOGC as damages for its "abusive procedural behaviour". Explains that SMP failed to pay the damages payment to AAOGC and consequently the Paris Commercial Court seized the amount of damages from an SMP bank account in France.
Zenith says it will continue to "vigorously pursue" its claim in the Paris Commercial Court. The next hearing is scheduled on October 27.
Current stock price: 3.22 pence, up 3.1% in London on Wednesday afternoon
12-month change: down 65%
By Heather Rydings, Alliance News senior economics reporter
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Zenith Energy (ZEN)