RE: RNS - more dilution2 Nov 2021 07:38
You missed the interesting bit! :
Use of Proceeds
The Company intends to use the proceeds of the Subscription as follows:
· £1,300,000 - funding of Zenith's share of work programme costs in respect of the Ezzaouia concession onshore Tunisia. This will include the drilling of two sidetracks in non-producing wells with the objective of achieving a gross production of 1,000 bopd from the Ezzaouia concession.
· £600,000 - expected cost of drilling a new well in the Robbana concession, also onshore Tunisia, where Zenith holds a 100% working interest. Long-lead items required for drilling of two wells already acquired and on location.
· £300,000 - transportation expenses for Zenith's 1,200hp drilling rig to Africa.
· £250,000 - Tilapia II licence, (located onshore Republic of the Congo), development costs, including finalisation of licence award process and employment of operational personnel to optimise the planned beginning of drilling operations in well TLP-103C.
· £150,000 - expenses associated with the preparation and publication of a UK Prospectus. See below for more details.
· £400,000 - general working capital.
GL.