Zenith Energy has announced that its fully-owned subsidiary, Compagnie Du Desert (‘CDD’), has completed the acquisition of a 100% interest in the fully owned subsidiary of Candax Energy in Barbados, Ecumed Petroleum Tunisia (‘EPT’), which holds a 100% interest in the El Bibane and Robbana concessions in Tunisia.
Per the terms of the Sales Purchase Agreement, CDD acquired 100% of the issued share capital of EPT for a nominal consideration of US$100 payable at completion, as well as an additional consideration of approximately $200,000 in the form of assumption of debt payable by the end of May 2021.
The CEO, Andrea Cattaneo, said: “We are very pleased to have now formally completed the acquisition of the El Bibane and Robbana concessions which enables Zenith to hold an enlarged portfolio with a daily production of crude oil, natural gas and condensate in Tunisia.”
“The Company’s focus will now turn towards beginning to exploit the significant untapped hydrocarbons production potential of our newly acquired Tunisian assets. An update in this respect will be provided in due course once we have finalised our operational working programme.”
ABOUT ZENITH ENERGY
Zenith Energy Ltd. is an international independent oil & gas company with production, exploration and development assets in the Republic of the Congo, Italy and Tunisia. The Company is listed on the London Stock Exchange Main Market for listed securities (ZEN) and the Euronext Growth of the Oslo Stock Exchange (ZENA).
Zenith’s strategic focus is the development of proven revenue-generating oil production assets, as well as low-risk exploration activities in assets with existing production.
,%20has%20completed%20the%20acquisition%20of%20a%20100%%20interest%20in%20the%20fully%20owned%20subsidiary%20of%20Candax%20Energy%20in%20Barbados,%20Ecumed%20Petroleum%20Tunisia%20(‘EPT’),%20which%20holds%20a%20100%%20interest%20in%20the%20El%20Bibane%20and%20Robbana%20concessions%20in%20Tunisia.img%20class=size-medium%20wp-image-4101%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2021/05/69d8f255-729f-4045-8983-2cde9bade5c2-300x249.jpg%20alt=%20width=300%20height=249%20/Per%20the%20terms%20of%20the%20Sales%20Purchase%20Agreement,%20CDD%20acquired%20100%%20of%20the%20issued%20share%20capital%20of%20EPT%20for%20a%20nominal%20consideration%20of%20US$100%20payable%20at%20completion,%20as%20well%20as%20an%20additional%20consideration%20of%20approximately%20$200,000%20in%20the%20form%20of%20assumption%20of%20debt%20payable%20by%20the%20end%20of%20May%202021.The%20CEO,%20Andrea%20Cattaneo,%20said:%20em“We%20are%20very%20pleased%20to%20have%20now%20formally%20completed%20the%20acquisition%20of%20the%20El%20Bibane%20and%20Robbana%20concessions%20which%20enables%20Zenith%20to%20hold%20an%20enlarged%20portfolio%20with%20a%20daily%20production%20of%20crude%20oil,%20natural%20gas%20and%20condensate%20in%20Tunisia.”/emem“The%20Company’s%20focus%20will%20now%20turn%20towards%20beginning%20to%20exploit%20the%20significant%20untapped%20hydrocarbons%20production%20potential%20of%20our%20newly%20acquired%20Tunisian%20assets.%20An%20update%20in%20this%20respect%20will%20be%20provided%20in%20due%20course%20once%20we%20have%20finalised%20our%20operational%20working%20programme.”/emp%20style=text-align:%20center;strongABOUT%20ZENITH%20ENERGY/strong/pimg%20class=%20wp-image-4100%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2021/05/f8e33358-a5a6-4810-bf3a-eafd8c0e99a2-300x131.jpg%20alt=%20width=369%20height=161%20/Zenith%20Energy%20Ltd.%20is%20an%20international%20independent%20oil%20&%20gas%20company%20with%20production,%20exploration%20and%20development%20assets%20in%20the%20Republic%20of%20the%20Congo,%20Italy%20and%20Tunisia.%20The%20Company%20is%20listed%20on%20the%20London%20Stock%20Exchange%20Main%20Market%20for%20listed%20securities%20(ZEN)%20and%20the%20Euronext%20Growth%20of%20the%20Oslo%20Stock%20Exchange%20(ZENA).Zenith’s%20strategic%20focus%20is%20the%20development%20of%20proven%20revenue-generating%20oil%20production%20assets,%20as%20well%20as%20low-risk%20exploration%20activities%20in%20assets%20with%20existing%20production.){kind=link}