(Alliance News) - Zenith Energy Ltd on Monday said it has submitted a commercial and technical offer to the Ministry of Hydrocarbons in the Republic of the Congo for a 25-year licence for the Tilapia oilfield.
The oil & gas production company expects an answer for the offer in the next 30 days.
Zenith Chief Executive Andrea Cattaneo said: "The Tilapia asset has transformational production potential and the award of a new 25-year licence will represent the first important successful milestone in our journey in the Congo. It is our hope and expectation that we shall achieve this goal in due course."
The company's subsidiary, Anglo African Oil & Gas Congo SAU, continues to operate the Tilapia oilfield on an interim basis.
Cattaneo also noted that the company is nearing an agreement with Societe Nationale des Petroles du Congo to AAOG Congo for the payment of USD5.3 million in debt.
Zenith Energy shares were up 18% at 0.80 pence each on Monday afternoon in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Zenith Energy (ZEN)