/strong,%20and%20the%20license%20to%20operate%20the%20Tilapia%20oilfield%20(Tilapia%201)%20expired%20on%20July%2018supth/sup%202020.%20Two%20days%20after%20the%20expiration,%20the%20Company%20announced%20that%20it%20had%20submitted%20a%20comprehensive%20technical%20and%20commercial%20offer%20to%20the%20Ministry%20of%20Hydrocarbons%20of%20the%20strongRepublic%20of%20the%20Congo/strong%20for%20the%20award%20of%20a%20new%2025-year%20licence%20in%20relation%20to%20the%20Tilapia%20oilfield,%20to%20be%20named%20“Tilapia%20II.”Speaking%20on%20the%20feat,%20the%20Chief%20Executive%20Officer%20of%20strongZenith%20Energy/strong,%20Andrea%20Cattaneo%20said,em%20“Zenith’s%20selection%20by%20the%20Ministry%20of%20the%20Hydrocarbons%20of%20the%20Republic%20of%20the%20Congo%20as%20the%20successful%20bidder%20for%20Tilapia%20II%20is%20an%20exceptional%20achievement%20and%20is%20the%20product,%20amongst%20other%20qualities,%20of%20our%20unwavering%20commitment%20and%20perseverance%20in%20pursuing%20our%20development%20strategy.”/ememThe%20company%20is%20now%20positioned%20to%20benefit%20from%20a%20potentially%20transformational%20asset%20with%20highly%20prospective%20development%20and%20exploration%20potential%20in%20a%20prolific%20hydrocarbon%20basin%20where%20we%20shall%20be%20able%20to%20deploy%20our%20drilling%20equipment%20to%20perform%20operational%20activities%20in%20agreement%20with%20our%20local%20partners%20at%20a%20time%20of%20increasing%20recovery%20in%20oil%20prices./ememFurther,%20it%20is%20a%20matter%20of%20great%20satisfaction%20that%20the%20company%20has%20been%20able%20to%20resoundingly%20vindicate%20its%20confidence%20in%20its%20ability%20to%20achieve%20its%20publicly%20announced%20objectives%20in%20the%20Republic%20of%20the%20Congo,%20specifically%20in%20terms%20of%20securing%20Tilapia%20II./ememThe%20company%20can%20now%20look%20forward%20with%20well-grounded%20confidence%20to%20the%20journey%20ahead%20in%20the%20Republic%20of%20the%20Congo%20and%20the%20possible%20achievement%20of%20other%20publicly%20stated%20objectives,%20including%20the%20possible%20acquisition%20of%20additional%20oil%20production%20assets,%20as%20well%20as%20obtaining%20repayment%20of%20the%20approximately%20US$5.7%20million%20owed%20to%20the%20company%20by%20SNPC.”/ema%20href=https://ibekachikwu.com/wp-content/uploads/2020/07/e7b9046c-919d-492e-ab75-4eaa0864de9e.jpgimg%20class=size-medium%20wp-image-2092%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2020/07/e7b9046c-919d-492e-ab75-4eaa0864de9e-300x287.jpg%20alt=%20width=300%20height=287%20//a){kind=link}
Zenith Energy has been selected as the successful bidder by the government of the Republic of Congo, for the award of a new 25-year license to operate the Tilapia oilfield in the country.
In May 2020, Zenith acquired 100% of the Anglo African Oil & Gas Congo S.A.U (AAOG Congo), and the license to operate the Tilapia oilfield (Tilapia 1) expired on July 18th 2020. Two days after the expiration, the Company announced that it had submitted a comprehensive technical and commercial offer to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence in relation to the Tilapia oilfield, to be named “Tilapia II.”
Speaking on the feat, the Chief Executive Officer of Zenith Energy, Andrea Cattaneo said, “Zenith’s selection by the Ministry of the Hydrocarbons of the Republic of the Congo as the successful bidder for Tilapia II is an exceptional achievement and is the product, amongst other qualities, of our unwavering commitment and perseverance in pursuing our development strategy.”
The company is now positioned to benefit from a potentially transformational asset with highly prospective development and exploration potential in a prolific hydrocarbon basin where we shall be able to deploy our drilling equipment to perform operational activities in agreement with our local partners at a time of increasing recovery in oil prices.
Further, it is a matter of great satisfaction that the company has been able to resoundingly vindicate its confidence in its ability to achieve its publicly announced objectives in the Republic of the Congo, specifically in terms of securing Tilapia II.
The company can now look forward with well-grounded confidence to the journey ahead in the Republic of the Congo and the possible achievement of other publicly stated objectives, including the possible acquisition of additional oil production assets, as well as obtaining repayment of the approximately US$5.7 million owed to the company by SNPC.”
