Petroleum Africa
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Friday, September 23, 2022
The Company has presented an offer that outlines certain investment commitments and terms to be negotiated as part of an award for an initial nine-year license.
The Offer contains specific details surrounding how the Company will restore and expand the productivity of Block-1. Specific geological attention will be directed towards developing the emerging Cretaceous Play along the West African coast, which has proven to be a highly prolific basin extending from Côte d’Ivoire, Ghana to the West, to the east in Nigeria, with the large ‘Ogo’ oil and gas discovery, as well as producing in the Aje Field.
If Zenith’s Offer for Block-1 is accepted, Zenith will progress in completing a rigorous due diligence process and begin negotiations with the Ministry aimed at finalizing a draft Production Sharing Agreement to be approved by the legislature of Benin (in accordance with the Hydrocarbon Code).
Operationally, following potential acceptance of the Offer, the Company will seek to use the existing infrastructure installed in 2015, where previous development was stalled due to the low oil price environment at the time, to rapidly restore commercial production in the current high oil price climate for the benefit of the citizens of the Republic of Benin and Zenith Energy shareholders.
As part of the Offer, the Company has also presented a comprehensive social development plan, outlining agricultural community engagement initiatives aimed at fostering productivity and local employment, in addition to a sustainable development plan that takes into consideration the natural history of the region and places environmental sustainability at the heart of the Company’s business development activities in Benin.
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