REG - Zenith Energy Ltd - Strategy Update

Zenith EnergyAnnouncement

26/05/2023 08:15

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RNS Number : 7950A  Zenith Energy Ltd  26 May 2023

May 26, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Strategy Update

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy
production company, is pleased to provide an update on recent corporate
development activities.

The Company's management is currently reviewing a selection of oil production
and development assets located in Texas, Oklahoma, and California in the
United States of America (the "Potential Acquisitions"). If any of these
Potential Acquisitions are completed, the Company will make further
announcements, and at this stage, no terms are finalised.

The Potential Acquisitions are all located in prolific oil and gas basins with
proven petroleum systems.

It is expected that, if the Potential Acquisitions are completed, a production
rate in the range of approximately 300-500 barrels of oil per day might be
achieved upon completion.

Drilling activities can be performed at relatively low-cost and without
significant delay in view of the ready availability of equipment. The average
total depth of production wells in the project areas of the Potential
Acquisitions ranges between 500 to 2,000 metres.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased to begin a new chapter in our corporate development as we
potentially complete a series of revenue generating production and development
acquisitions in the USA.

It is key to underline that this does not represent a change in strategy or a
departure from our business development objectives in Africa, the Middle East
and Italy.

However, in view of certain attractive opportunities to increase our daily
production of oil in a stable jurisdiction at a time of favourable energy
pricing, we have not hesitated in exploring these avenues whilst we await
potential positive developments in respect of our publicly announced
activities in other regions of focus.

We look forward with enthusiasm to providing more information on these
potential transactions in due course."

 

 

 

 

Further Information:

 Zenith Energy Ltd

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

                                            E:  info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 BlytheRay - Financial PR/IR                Tel: +44 207 138 3204

 Tim Blythe, Megan Ray, Matt Bowld          E:  zenith@blytheray.com (mailto:zenith@blytheray.com)

 Miriad Limited - Media Enquiries           Tel: +44 7867527659

 Zak Mir                                    E: zak@zakmir.com

 

 

Notes to
Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in Africa, the Middle East 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 transformational opportunities in
the Middle East, Africa, and Europe 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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