Petroleum Africa
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Tuesday, November 10, 2020
Zenith Energy has announced that it has terminated the non-binding Letter of Intent (‘LOI’) with a consortium of Arab investors first announced to the market on March 31, 2020. For reference, an extension of the duration of the LOI was announced to the market on August 7, 2020.
The LOI was conditional on a number of conditions, including the successful completion of the acquisition from KUFPEC of its 22.5% working interest in the North Kairouan permit and the Sidi El Kilani Concession the Republic of Tunisia upon the receipt of local regulatory approval, as well as the successful acquisition of two oil production licenses being negotiated with a national oil authority in West Africa (as announced by regulatory announcement on March 12, 2020).
The Company has confirmed that progress is being made in relation to both of these transactions and that it expects to update the market in due course.
Andrea Cattaneo, Chief Executive Officer, commented: “As per our announcements, we have a number of potential near-term catalysts for shareholder value creation as a result of our African acquisition activities. In view of the length of time that has elapsed since the Company entered into the non-binding LOI, as well as the aforementioned near-term progress that might be achieved, we have elected to terminate the LOI. We have maintained good relations with the consortium of investors, and we may resume negotiations as we deliver on our African development campaign.”
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