Termination of Exploration in Azerbaijan

RNS Number : 7520E

Zenith Energy Ltd

10 November 2020

 

November 10, 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")

Termination of Contract Exploration Area in Azerbaijan & Receipt of Payment

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE:ZEN; OSE:ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, announces that, in agreement with SOCAR (State Oil Company of the Azerbaijan Republic), the Contract Exploration Area ("CEA") of its 25-year REDPSA (Rehabilitation, Exploration, Development and Production Sharing Agreement) has been terminated. 

Following the termination of the CEA, the Company no longer has any oil production or exploration interests in the Republic of Azerbaijan.

Receipt of Payment

The Company is pleased to confirm that its Azerbaijan subsidiary has recently received payments for a total of approximately US$85,000 from SOCAR for past oil production.

Further, the Company's local subsidiary expects to receive a final payment in due course from SOCAR and shall update the market accordingly upon receipt. 

 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

 

 

MSCUPGQAGUPUPGB