REG - Zenith Energy Ltd - Sale of ZEN-260 drilling rig for US$4.3 million

Zenith EnergyAnnouncement

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RNS Number : 3625F  Zenith Energy Ltd  22 May 2026

May 22, 2026

 

ZENITH ENERGY LTD.

Sale of ZEN-260 drilling rig for US$4.3 million

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:
ZENA SDR), the listed international energy production and development company,
is pleased to provide an update regarding the sale of its fully owned ZEN-260
onshore drilling rig ("ZEN-260").

Further to the Company's announcement of November 25, 2025, Zenith has agreed
terms for the sale of the ZEN-260 for total gross consideration of
approximately US$4.3 million to a company operating in the oil and gas sector
in the Philippines, including payment of a non-refundable deposit.

The agreed consideration materially exceeds previously disclosed indicative
offers and reflects both the outcome of a competitive process involving
multiple interested counterparties and the strengthened oil and gas pricing
environment. The final agreed gross consideration of approximately US$4.3
million compares favourably with the approximately US$2 million indicative
offers previously announced by the Company.

The transaction has received the necessary approvals from the relevant
Philippine authorities, and importation of the rig is expected to take place
during July 2026.

The ZEN-260 was originally acquired by Zenith in September 2018 for
approximately EUR €2.25 million. The sale will strengthen the Company's
financial position and provide additional funding to accelerate the
development of its Italian solar portfolio.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are extremely pleased with the progress achieved in relation to the sale
of the ZEN-260 and the substantial increase in value obtained through the
negotiation process.

With the Company's strategic focus increasingly directed towards the
development of our Italian energy and solar portfolio, we believe this
transaction represents an excellent opportunity to monetise a non-core asset
at an attractive valuation made possible by the strengthened oil price
environment.

The transaction represents a strong outcome for Zenith and demonstrates
management's focus on unlocking value from non-core assets while supporting
the continued development of our Italian solar portfolio."

 

 

 

Further Information:

 Zenith Energy Ltd

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

                                            E:       info@zenithenergy.ca (mailto:info@zenithenergy.ca)

 

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market
(LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and
on the Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

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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