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Share Price Information for Zenith Energy (ZEN)
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Update on Tilapia
Fri, 17th Feb 2023 11:30
RNS Number : 3185Q
Zenith Energy Ltd
17 February 2023
February 17, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Tilapia
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa, the Middle East and Europe, provides an update on its business activities in the Republic of the Congo.
Zenith had previously announced the successful completion of an Inquiry of Public Utility (Enquête d'Utilité Publique) ("IPU"), involving an in-depth technical and financial review of the Company performed by the Ministry of Hydrocarbons of the Republic of the Congo, on February 10, 2021.
The purpose of the IPU was, in accordance with local law, to determine Zenith's suitability for the award of a new 25-year licence to operate the Tilapia oilfield following confirmation, announced by the Company on December 23, 2020, regarding the successful bid submitted by Zenith Energy Congo SA ("Zenith Congo") for the award of a new 25-year licence to operate the Tilapia oilfield ("Tilapia II").
The Company has now become aware that a company named Olive Energy E&P has been awarded a licence to operate the Tilapia oilfield.
The Company is disappointed by this development, which contradicts the aforementioned milestones.
Debt owed to Zenith by SNPC - approx.US$5.3 million plus accrued interest
The Company announces that it has engaged a legal representative to negotiate the full repayment of an original principal amount of US$5.3 million plus accrued interest owed by Société Nationale des Pétroles du Congo ("SNPC"), the national oil company of the Republic of the Congo, to Anglo African Oil & Gas Congo S.A.U ("AAOGC"), a fully owned subsidiary of the Company, for past work performed during the Tilapia I licence.
Legal Claim against SMP for approx. US$9 million