REG - Zenith Energy Ltd - Seizure on SMP's bank account

Zenith EnergyAnnouncement

18/10/2023 11:15

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RNS Number : 5500Q  Zenith Energy Ltd  18 October 2023

October 18, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Seizure on SMP's bank account

 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy
production and development company, is pleased to provide an update on the
legal claim undertaken by its fully owned subsidiary, Anglo African Oil &
Gas Congo S.A.U ("AAOGC"), against SMP Energies ("SMP", formerly Société
de Maintenance Pétrolière - SMP) the rig contractor that performed drilling
services in wells TLP-103 and TLP-103C of the Tilapia oilfield during
2018-2019, in the Paris Commercial Court (the "Court").

 

On July 3, 2023, the Company announced by way of regulatory news the Court's
rejection of SMP's request for a stay of proceedings in France, stating that
SMP's request contained "all the characteristics of a dilatory request" and
ordered SMP to pay an amount of EUR 30,000 to AAOGC as compensatory damages
for its abusive procedural behaviour (the "Damages Payment"). The Court's
decision was immediately enforceable.

 

SMP has failed to comply with the Court's Order by refusing to voluntarily pay
the Damages Payment.

 

As a result, the Company has enforced the Court's decision and performed a
seizure in the amount of the Damages Payment on a bank account of SMP in
France.

 

The Company will continue to vigorously pursue its claim in the Paris
Commercial Court with the next hearing scheduled to take place on October 27,
2023.

 

Further Information:

 

 

 Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer     Tel: +1 (587) 315 1279

                                               E:  info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 Allenby Capital Limited - Financial Adviser   Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams

 

 

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) and the Euronext Growth of the Oslo
Stock Exchange (OSE: ZENA).

 

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
(http://www.zenithenergy.ca)

Twitter: @zenithenergyltd

LinkedIn:  https://bit.ly/3A5PRJb (https://bit.ly/3A5PRJb)

 

 

 

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