REG - Zenith Energy Ltd - Termination of SPA for acquisition of OMV Yemen

Zenith EnergyAnnouncement

04/09/2023 07:00

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RNS Number : 2000L  Zenith Energy Ltd  04 September 2023

September 4, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Termination of SPA for acquisition of OMV Yemen

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy
production and development company, announces that in agreement with OMV
Exploration and Production GmbH ("OMV") it has terminated the share purchase
agreement ("SPA") announced to the market on January 3, 2023, for the
acquisition of 100% of the outstanding share capital of OMV (Yemen Block S 2)
Exploration GmbH, OMV Jardan Block 3 Upstream GmbH, and OMV Block
70 Upstream GmbH (collectively "OMV Yemen").

The SPA has been terminated due to the conditions required for completion of
the SPA not being satisfied.

In accordance with the terms of the SPA, OMV has refunded the deposit of
US$4,323,800 plus accrued interest to Zenith.

 

Acquisition of Zenith Netherland by Hingbo Industries Company Limited

 

In view of the termination of the SPA with OMV Yemen, the share purchase
agreement entered into with Hingbo Industries Company Limited for the sale of
a 51% interest in the issued, allotted, outstanding and fully paid-up share
capital of the Company's fully owned subsidiary, Zenith Energy Netherlands B.V
("Zenith Netherlands"), announced to the market on January 3, 2023, has also
been terminated.

 

Zenith Netherlands is currently dormant and has no assets.

 

 

 

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)

 Allenby Capital Limited - Financial Adviser   Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams
 Miriad Limited - Media Enquiries              Tel: +44 7867527659

 Zak Mir                                       E: zak@zakmir.com (mailto: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 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)

 

 

 

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.

 

 

 

 

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