Zenith Energy has announced it has entered into a Cooperation Agreement (CA) with a privately-owned oil and gas company, Fleet Oil & Gas, to jointly identify and pursue oil and gas production and exploration acquisitions in the Mediterranean, the Middle East and Africa.

The CA will see Zenith and Fleet jointly identify potential acquisition opportunities and conduct due diligence on transactions that are deemed to be a suitable potential acquisition. If a potential acquisition is mutually approved, both companies have agreed to enter into a joint venture agreement to be made by way of a newly incorporated vehicle, which will be subject to a separate agreement at the time.

Both companies are currently reviewing several potential acquisitions, both operated and non-operated, with a production rate above 2,000 barrels of oil per day.

Fleet Oil & Gas is headquartered in Dubai, United Arab Emirates, and has a representative office in Cairo, Egypt. It is headed by the former Egyptian Petroleum Minister, Engineer Mahmoud Latif Amer.

The Chief Executive Officer of Zenith, Andrea Cattaneo said: “I am delighted to have started this cooperation with Fleet at a particularly exciting juncture in our development in Africa. Fleet has significant expertise in identifying highly attractive oil and gas projects, as well as having an impressive network of high-level contacts across the region. We are already at advanced stage of cooperation with the Fleet team to jointly progress a number of compelling opportunities to enhance our portfolio, as well as exploring potential project financing from certain Middle Eastern financial institutions for our intended operational activities during 2021.”

The Chief Executive Officer of Fleet, Engineer Essam Kafafi said: “Fleet Oil and Gas is proud to announce its collaboration with Zenith, a definitive step towards expanding our oil and gas offerings in the region. I am confident this cooperation will help us as we continue to strengthen and grow our position and capabilities.”