Zenith Receives "B+" with Positive Outlook Rating

RNS Number : 4874D

Zenith Energy Ltd

10 October 2018

 

October 10, 2018

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Zenith Energy Receives a "B+" with Positive Outlook Rating from ARC Ratings

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that ARC Ratings, SA. ("ARC Ratings") has

assigned the Company a medium to long-term issuer credit rating of "B+" with Positive Outlook.

ARC Ratings are a European credit rating agency with a 25-year history, registered with the European Securities & Markets Authority ("ESMA").  The ARC Ratings' report can be viewed here - https://www.arcratings.com/admin-uk/modulo_projects/ficheiros_projectos/20181008231742-1arc_ratings_zenithenergy_8_oct_2018.pdf 

Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased to receive this rating from ARC Ratings, especially as it facilitates the possible securing of debt financing to support Zenith's expansion. This would add another option to our funding strategy and one which prevents equity dilution. I look forward to updating shareholders on our progress as we go forward."

For further information please contact:

Zenith Energy Ltd.  

Andrea Cattaneo 

Chief Executive Officer 

E-mail: [e-mail]

Tel: [phone]

Vigo Communications - PR Adviser

Patrick d'Ancona

Chris McMahon 

Kate Rogucheva

Tel: [phone]

Daniel Stewart & Company Plc - (Joint Broker)

Robert Emmet- Corporate Broking

Tel: + 44 (0) 207 776 6550

Optiva Securities - (Joint Broker)

Christian Dennis

Tel: + 44 (0) 203 137 1903

Allenby Capital Limited - (Financial Adviser)

Nick Harriss

Nick Athanas

Tel: + 44 (0) 203 328 5656

Notes to Editors: 

Zenith Energy Ltd. is an international oil and gas production company, dual listed on the TSX Venture Exchange and London Stock Exchange. 

The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Azerbaijan Republic, in 2016. 

The Company's primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company's Italian operations produce natural gas, natural gas condensate and electricity.

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

 

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