|
ZENITH ENERGY LTD.: Acquisition of Devonian Petroleum Limited20.12.2023 | 8:15 Uhr | Accesswire
CALGARY AB, December 20, 2023 - Zenith Energy Ltd. (LSE:ZEN)(OSE:ZENA)(OTCQB:ZENAF),the listed international energy production and development company with a focus on opportunities in Central Asia and the USA, is pleased to announce the conditional acquisition of an initial 50% of the shares and voting rights in Devonian Petroleum Limited ("Devonian"), a private oil company registered in the United Kingdom, for a total investment in cash and in kind presently assessed at approximately 5 million USD (the "Conditional Acquisition"). Conditional Acquisition Highlights
Zenith confirms that following the signing of the Conditional Acquisition, it has now discontinued all other negotiations in respect of potential acquisitions in the Republic of Kazakhstan. The Conditional Acquisition will be its sole focus. Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented: "We are delighted to have agreed terms for the acquisition of Devonian Petroleum, representing our first acquisition in the Republic of Kazakhstan. The Company's management has been able to appreciate the significant development potential of the Akkudukski Block, specifically the highly material recoverable reserves contained therein. The ownership of our drilling equipment, when viewed in consideration of the size and range of geological opportunities to be found within the Akkudukski Block, presents an attractive opportunity to drill "in succession" with the objective of maximising production revenue and profitability during a time of favourable energy prices. We look forward to benefitting from the technical knowledge and geological expertise of the Devonian Petroleum team in respect of the Akkudukski Block and to commencing our operational journey in Kazakhstan." Alastair Murray, Chief Executive Officer of Devonian Petroleum, commented: "The deal with Zenith Energy is of great importance because it should enable the successful migration through to production of the potentially transformational reserves contained within the Akkudukski Block. We identified the unexploited value potential of the Akkudukski Block from as early as 2017, following significant geological investigation, and we were successfully awarded our current licence following a highly competitive bid round involving more than ten other companies in 2018/19. Our first phase of technical work will be the selection of a low-risk drilling location in one of the already discovered structures, as well as remapping the Jurassic discovery in the south of the Akkudukski Block, targeting approximately 40-80 million barrels in recoverable oil reserves. We expect this technical work will be completed by summer 2024, creating an exciting 'drilling pipeline' for the ZEN-260 rig being mobilised from Georgia as part of what we expect to be a long-term and mutually successful partnership between Zenith Energy and Devonian Petroleum." Joint comment by Andrea Cattaneo and Alastair Murray: "Andrea and I are fully aligned in our belief that this acquisition will prove beneficial, not only to the respective stakeholders of Zenith and Devonian, but also, more broadly, to the Republic of Kazakhstan. This is because it will demonstrate that successful Foreign Direct Investment (FDI) in the Kazakh SME (small and medium sized enterprise) oil and gas sector can be successfully delivered, in this case by a listed international energy company, and that new jobs and a range of positive commercial opportunities will be brought about." Notes to Editors: Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa and Europe, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF). Zenith's strategic focus is on pursuing development opportunities through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production. For more information, please visit: www.zenithenergy.ca. Twitter: @zenithenergyltd Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. CONTACT: 421 7th Avenue SW SOURCE: Zenith Energy Ltd. View the original press release on accesswire.com Dieser Artikel stammt von Rohstoff-Welt.de
Die URL für diesen Artikel ist: http://www.rohstoff-welt.de/news/artikel.php?sid=370271
© 2007 - 2024 Rohstoff-Welt.de ist ein Mitglied der GoldSeiten Mediengruppe
Es wird keinerlei Haftung für die Richtigkeit der Angaben übernommen! Alle Angaben ohne Gewähr! Kursdaten: Data Supplied by BSB-Software.de (mind. 15 min zeitverzögert) Werbung | Mediadaten | Kontakt | AGB | Impressum | Datenschutz |