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Pin to quick picksZenith Energy Regulatory News (ZEN)

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Update on OML 141 RSC Option & Broker Appointment

Wed, 2nd Mar 2022 07:30

RNS Number : 3498D
Zenith Energy Ltd
02 March 2022
 

March 2, 2022

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Option for OML 141 RSC and Appointment of Broker

Zenith Energy Ltd. ("Zenith" or the "Company") (LSEZEN; OSE: ZENA), the listed international energy production and development company, announces that it has elected to not renew the Option Agreement (the "Option") with Noble Hill-Network Limited ("NHNL"), first announced to the market on November 29, 2021, for the purchase of a 42% (forty-two percent) interest in the share capital of NHNL.

 

The Company remains of the view that the development of the North-West Corner of OML 141 in Nigeria has significant potential, and it shall look to revisit the opportunity once the ownership of NHNL is unequivocally confirmed by the Nigerian courts.

Appointment of Broker

The Company is pleased to announce the appointment of Alternative Resource Capital, a trading name of Shard Capital Partners LLP ("ARC"), as corporate broker to the Company on the London Stock Exchange with immediate effect. Allenby Capital will remain as Zenith's financial adviser.

 

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

 

"The Company's primary objective is the maximisation of its energy production and development operations across the portfolio in Tunisia and Italy, with the goal of further increasing our record revenue generation and profitability, as well successfully delivering on our growth ambitions in the Republic of the Congo.

 

Zenith's assessment of the opportunity presented by the acquisition of a 42% in NHNL, and by extension in the potentially highly productive Barracuda and Elepa South oilfields, remains fundamentally unchanged. However, in the interests of a clear strategic vision and the avoidance of protracted delays, we have decided to pause our involvement in this potential transaction until such time as clarity is definitively delivered in certain key areas.

 

The Company is pleased to welcome ARC as corporate broker to the Company, we are confident that their appointment will result in an increased ability by Zenith to attract long-term, institutional investors at a time of great promise for growing energy production and development companies."

 

 

 

Further Information: 

 

Zenith Energy Ltd Andrea Cattaneo, Chief Executive Officer

Tel: +1 (587) 315 9031

E: info@zenithenergy.ca

Allenby Capital Limited - Financial AdviserNick Harriss

 

Nick Athanas

Tel: + 44 (0) 203 328 5656

Alternative Resource Capital - Broker Alex Wood

 

Keith Dowsing

 

Tel: +44 (0) 207 186 9004

 

 

Tel: + 44 (0) 207 186 9005

 

Celicourt Communications (Financial PR) Mark Antelme 

Jimmy Lea

Tel: +44 (0) 208 434 2643

E: zenithenergy@celicourt.uk

 

 

 

 

Notes to Editors          

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).

Zenith's development strategy is to identify and rapidly complete value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.

Follow us on LinkedIn: https://www.linkedin.com/company/zenith-energy-limited/

 

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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