REG - Zenith Energy Ltd - Update on United States portfolio

Zenith Energy (CA)Announcement

18/01/2024 13:45

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RNS Number : 1926A  Zenith Energy Ltd  18 January 2024

January 18, 2024

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on United States portfolio

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed
international energy production and development company with a focus on
opportunities in Central Asia and the US, is pleased to provide an update
regarding the development of Cyber Apps World Inc. ("CYAP"), a U.S. listed
company of which Zenith acquired majority control by way of a Securities
Purchase Agreement in August 2023, and the Company's previously announced
business development activities in the US.

First Acquisition in the US onshore oil and gas space completed by CYAP

On January 16, 2024, CYAP announced that its subsidiary, CYAP Oil, LLC, had
successfully bid at auction for a 5% royalty interest in a package of seven
(7) producing wells located in the Eagle Ford Shale, Lavaca County, Texas.

This represents CYAP's first transaction in the US energy production and
development sector and is, in line with Zenith's strategy for CYAP, a shift
away from software development towards identifying and acquiring opportunities
in the US energy and production development sector.

CYAP has confirmed that further acquisitions of this kind, specifically
royalties in non-operated oil and gas production leases, are planned.

Change of name to Leopard Energy, Inc.

In view of the change in strategic direction away from software development,
CYAP has elected to change its name to Leopard Energy, Inc.

It is expected that the name change will become effective once all the
necessary regulatory formalities are completed.

Update on US acquisitions announced by Zenith during 2023

The Company confirms that, following the acquisition of CYAP in August 2023,
it has discontinued and terminated the three separate transactions announced
to the market on June 2, 2023, July 5, 2023, and August 3, 2023, respectively.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased that CYAP has now completed its first acquisition in the US
oil and gas space. The acquisition of a non-operated oil and gas production
royalty delivers immediate monthly cashflow and will enable an attractive
payback of the initial investment.

It our intention that CYAP's first acquisition be followed by various other
similar acquisitions in an incremental manner, following geological,
financial, and legal due diligence, to achieve 'critical mass' and build a
balanced, revenue generating and profitable portfolio.

We believe CYAP will attract financial support from US capital markets as the
benefits of implementing an accretive growth strategy centred on purchasing
interests in non-operated oil and gas production leases, during a period of
favourable energy prices, becomes increasingly apparent."

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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