Zenith Energy Ltd Pre-qualification in 2020 Marginal Field Bid Round (6374W)
20 August 2020 - 4:30PM
UK Regulatory
TIDMZEN
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: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328 5656
Nick Athanas
-----------------------------
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.
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.
END
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