rns out30 Jun 2020 17:33
("Zenith" or the "Company")
Postponed publication of Year-End Results due to COVID-19
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; OSE: ZENA-ME), the international oil & gas production company focused on African development opportunities announces that, in agreement with its independent auditor, PKF LittleJohn, and as a result of the ongoing significant logistical difficulties and restrictions on international travel caused by COVID-19, it has postponed the filing of its audited consolidated financial statements, management's discussion and analysis ("MD&A") and annual information form, inclusive of the reserves disclosure required by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, for the year ended March 31, 2020 (collectively, the "Year-End Filings"), in reliance on the exemption provided in ASC Blanket Order 51-517 - Temporary Exemption from Certain Corporate Finance Requirements (and similar exemptions provided by the other Canadian securities regulators).
In accordance with the Financial Conduct Authority's guidance published on March 26, 2020 regarding the extension of reporting full year results for listed companies subject to Chapter 4 of the Disclosure Guidance and Transparency Rules from 4 months to 6 months, the Company will publish its audited results for the year to March 31, 2020 on or before September 30, 2020.
Until the Company has filed the Year-End Filings, members of the Company's management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
An update on material business developments since the filing of the Company's interim financial statements and accompanying MD&A for the period ended December 31, 2019 is described below, certain of which have already been disclosed in prior public announcements:
· On June 25, 2020, the Company announced it completed the handover process (the "Handover") of the Contract Rehabilitation Area to SOCAR in the Republic of Azerbaijan. As a result of the Handover, Zenith has ceased all oil production operations in Azerbaijan and all field production personnel, approximately 170 employees, have been transferred to a division of SOCAR.
· On June 9, 2020, the Company completed a private placement to raise an aggregate total amount of approximately NOK 7,600,000 (approximately £645,000) through the issuance of 80,000,000 common shares of no-par value in the capital of the Company.
· Effective May 29, 2020, the Company's common shares were voluntarily delisted from the TSX Venture Exchange.
· On May 5, 2020 the Company completed the acquisition from AIM listed Anglo African Oil & Gas plc of a 100 percent interest in its fully owned subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U., which has a 56 percent