Pre-qualification in 2020 Marginal Field Bid Round

RNS Number : 6374W

Zenith Energy Ltd

20 August 2020

 

August 20, 2020

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Pre-qualification in Nigeria's 2020 Marginal Field Bid Round

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE:ZEN; OSE:ZENA-ME), the listed international oil & gas production company, is pleased to announce that it has successfully pre-qualified in the 2020 Marginal Field Bid Round ("2020 Bid Round"), organised by the  Nigerian Department of Petroleum Resources ("DPR").  

As announced on June 16, 2020, the Company is participating in the 2020 Bid Round in the capacity of technical and financial partner to a Nigerian registered oil and gas company.

Participation in the 2020 Bid Round entails a process commencing with the achievement of pre-qualification by companies deemed to have the necessary technical and financial capabilities to participate  and duly registered in Nigeria to carry out hydrocarbon production and exploration activities by DPR, followed by submission of a commercial and technical bid for evaluation under a number of criteria by the Honourable Minister of Petroleum Resources ("HMPR"). It is concluded with the potential  assignment of a Marginal Field once all the necessary formalities have taken place and final approval from the President of Nigeria, in accordance with the Petroleum Act (1969), is obtained. 

Andrea Cattaneo, Chief Executive Officer, commented:

"We are very pleased to have successfully pre-qualified for the 2020 Bid Round with our Nigerian partner. This Bid Round represents an exceptionally rare opportunity for Zenith to acquire at highly advantageous terms, a large, underdeveloped, near-term production asset. This is especially the case in the current low oil price environment.

Further, the near-term production potential of certain assets is expected to facilitate the achievement of financing agreements to support the required acquisition and development costs necessary to restore commercial production from these assets.

I look forward with great enthusiasm to further progressing this opportunity." 

Further Information:

Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer	Tel: [phone]
	E-mail:    [e-mail]
Allenby Capital Limited - Financial Adviser & Broker
Nick Harriss Nick Athanas	Tel: + 44 (0) 203 328 5656

Notes to Editors : 

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

Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically in Africa. The Company's board of directors and senior management team have the experience and technical expertise to develop the Company successfully.

 

END

 

 

MSCMZGMRGLLGGZZ