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Wednesday, March 17, 2021
Zenith Energy Ltd. announced that its wholly owned subsidiary Zenith Energy Netherlands B.V. (Zenith Netherlands) has signed an extension agreement (the Extension) in respect of the conditional sale and purchase agreement (SPA) it signed with CNPC International (Tunisia) Ltd., (CNPCI), a 100% subsidiary of CNPCI, CNPC International Ltd., for the acquisition of a participation in, inter alia, the North Kairouan permit and the Sidi El Kilani Concession which includes the Sidi El Kilani oilfield (SLK). For reference, signing of the SPA was announced to the market on September 8, 2020.
CNPCI holds an undivided 22.5% interest in the Tunisian Acquisition, together with 25 Class B shares in Compagnie Tuniso-Koweito-Chinoise de Pétrole (CTKCP), the operator, representing 25% of the issued share capital of the company.
Completion of the SPA remains conditional on a favorable opinion being granted by the Comité Consultatif des Hydrocarbures of the Republic of Tunisia and the approval of the Tunisian State represented by the Ministry of Industry and Energy in respect of the transfer of CNPCI’s right, title and interest in and under the SLK Concession to Zenith Netherlands.
The Extension has been granted in view of the difficulties caused by the ongoing COVID-19 pandemic which have not enabled Completion to be achieved. The new Longstop date for Completion of the SPA is November 30, 2021.
Andrea Cattaneo, Chief Executive Officer of Zenith, commented: “We have developed a very good relationship with CNPC, and I look forward with enthusiasm to hopefully completing the acquisition of SLK in due course once we receive a favorable opinion from the CCH and the approval of the Tunisian State.
“The Board is increasingly confident regarding Zenith Energy’s establishment in Tunisia which we consider a very favorable jurisdiction for oil production and development activities.”
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