Zenith Energy Ltd - oil & gas company with production, exploration and development assets in Africa and Italy - Receives formal confirmation regarding the successful completion of the inquiry of public unity following a technical and financial review carried out by the Republic of the Congo's Ministry of Hydrocarbons in January. Says it will now proceed with the potential finalisation and ratification of the production sharing contract for Tilapia II.
"We are delighted to have received this additional positive confirmation from the Ministry of Hydrocarbons which demonstrates our successful establishment in the Republic of the Congo, where we intend to develop the potentially transformational Tilapia oilfield, as well as constituting a clear recognition of our technical and financial capabilities. The significant strengthening in oil prices and the gradually improving outlook in relation to the Covid-19 pandemic have given us further confidence in pursuing various potential acquisition opportunities of additional oil and gas production assets, specifically those formerly operated by oil majors," says Chief Executive Andrea Cattaneo.
Current stock price: 1.25 pence, up 11% on Wednesday
Year-to-date change: down 5.9%
By Zoe Wickens; zoewickens@alliancenews.com
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Zenith Energy (ZEN)