Tickers: PINX:CANIF, XTSX:ZEE
Tags: Oil & Gas
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, announces that, in accordance with Canadian securities laws, the Company filed its annual audited financial results for the financial year ended March 31, 2018 on SEDAR (www.sedar.com).
Filing of the aforementioned results on SEDAR took place on June 29, 2018. A copy of these documents will shortly be available for review on the Company’s website: www.zenithenergy.ca.
Update on Proposed Indonesian Acquisition (the "Proposed Acquisition")
The Company confirms that it has completed its due diligence process for the Proposed Acquisition. The due diligence has evidenced negative discrepancies exceeding 5% of the book values declared in the Proposed Acquisition’s financial statements dated February 28, 2018.
In light of these discrepancies, Zenith intends to renegotiate the total consideration of the Proposed Acquisition, announced as US$ 6,600,000 by the Company on March 28, 2018.
The Company will provide an update regarding the Proposed Acquisition once the outcome of renegotiations is known.
Completion of the Proposed Acquisition remains conditional on a number of factors. These include the entering into of binding agreements with the vendor and financing of the Proposed Acquisition. There is no guarantee that the transaction will be successfully completed.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Zenith Energy Ltd.
Chief Executive Officer
Tel: +1 (587) 315 9031
Vigo Communications – PR Adviser
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc – (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Tel: + 44 (0) 207 776 6550
Optiva Securities – (Joint Broker)
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited – (Financial Adviser)
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, dual listed on the TSX Venture Exchange and London Stock Exchange.
The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Azerbaijan Republic, in 2016.
The Company’s primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company’s Italian operations produce natural gas, natural gas condensate and electricity.
Zenith’s development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector. The Company’s Board of Directors and senior management team have the experience and technical expertise to develop the Company successfully.
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