REG - Zenith Energy Ltd - Update on Benin PSC

Zenith EnergyAnnouncement

04/08/2023 17:30

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RNS Number : 4153I  Zenith Energy Ltd  04 August 2023

August 4, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Benin PSC

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy
production and development company, announces that it has decided to
discontinue negotiations with the Ministry of Water and Mines of the Republic
of Benin for the finalisation of a Production Sharing Contract for Block 1,
containing the Sèmè oilfield.

The Board has taken the decision following a comprehensive evaluation of
recent geopolitical developments in the vicinity of Benin, the significant
long-term investment required to successfully develop the Sèmè oilfield, and
the material progress made in other jurisdictions where Zenith now intends to
maximise its technical and financial resources with comparatively reduced risk
for the Company's shareholders.

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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