Zenith Energy Ltd - oil & gas production company with operations in Italy, Tunisia, Azerbaijan, and the Republic of the Congo - Incorporates new subsidiary Zenith Energy Congo SA in preparation for receiving a new 25-year licence for the Tilapia oilfield, which will be named Tilapia II. Zenith Congo has been created at the request of the Ministry of Hydrocarbons, after Zenith submitted its comprehensive commercial and technical offer for the licence. Zenith Congo will operate parallel to the company's other Republic of the Congo subsidiary, Anglo African Oil & Gas Congo SAU, which has total receivables of around USD5.3 million from Societe Nationale des Petroles du Congo. Zenith terminates plan for continuation of activities, first announced in July, and returns operatorship of Tilapia licence to SNPC subsidiary. New Tilapia II operator to be Zenith Congo. Zenith also responds to "media speculation" regarding its activities in the Republic of the Congo, stating that this is "an attempt to create misplaced uncertainty amongst shareholders".
Chief Executive Andrea Cattaneo says: "It is regrettable to observe damaging misinformation being disseminated online about the company. However, we are fully confident in our position and the great potential of our near-term progress."
Current stock price: 0.63 pence
Year-to-date change: down 67%
By Anna Farley; annafarley@alliancenews.com
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Zenith Energy (ZEN)