REG - Zenith Energy Ltd - New Kazakhstan subsidiary and pre-contract terms

Zenith Energy (CA)Announcement

30/11/2023 12:30

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RNS Number : 2543V  Zenith Energy Ltd  30 November 2023

November 30, 2023

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

New Kazakhstan subsidiary and pre-contract terms

 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed
international energy production and development company, is pleased to
announce that, as it is now in the advanced stage of finalising terms for the
potential acquisition of oil production and development assets, it has
incorporated a subsidiary in the Republic of Kazakhstan, named Zenith Munay
LLP.

 

With reference to the three memorandums of understandings (the "Memorandums")
announced to the market during the month of September 2023, the Company is
pleased to announce that after comprehensive technical, legal, and financial
due diligence, it has agreed to formalise a pre-contractual framework with the
seller for an opportunity comprising two oilfields with a near-term production
potential of approximately 400 barrels of oil per day, located in the Atyrau
Region of Kazakhstan (the "Potential Acquisition").

 

The Company expects to soon be able to formalise a binding agreement for
completion of the Potential Acquisition, subject to local regulatory
approvals, and will update the market accordingly.

 

Andrea Cattaneo, Chief Executive Officer, commented:

 

"Zenith has made significant progress in its business development activities
in the Republic of Kazakhstan, having evaluated a great number of potential
opportunities.

 

It is our intention to achieve circa 400 barrels of oil per day as a starting
point prior to gradually scaling up production via field rehabilitation
operations and the drilling of new wells made possible by acquiring an asset
with a favourable geology and material reserves.

 

We look forward with enthusiasm to our near-term progress and to delivering on
our publicly announced strategy of being a profitable, revenue generating oil
production and development business."

 

 

 

 

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), the Euronext Growth of the Oslo Stock
Exchange (OSE: ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF).

 

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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