RE: Looking forward to March4 Mar 2022 10:56
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it has now fully repaid an unsecured convertible loan facility with a consortium of lenders (the "Convertible Loan"), first announced on January 7, 2019, subscribed for a total principal amount of approximately £647,500 (equivalent to NOK 7,700,000).
Luca Benedetto, Chief Financial Officer of Zenith, commented:
"Our significantly increased revenue generation and associated profitability has enabled the Company to progressively reduce its exposure to debt and improve its balance sheet.
We shall look to continue this exercise as we generate additional financial resources by maximising our energy production activities across the portfolio."