Zenith Energy Ltd Successful Listing of Corporate Notes (8537M)
January 11 2019 - 2:00AM
UK Regulatory
TIDMZEN
RNS Number : 8537M
Zenith Energy Ltd
11 January 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
January 11, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Successful Listing of Corporate Notes
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME) the listed international oil & gas
production company operating the largest onshore oilfield in
Azerbaijan, is pleased to announce that it has issued and listed
EURO 3,120,000 unsecured corporate notes at par value (the "Notes")
on the Third Market (MTF) of the Vienna Stock Exchange.
The Notes bear interest at a rate of 8 per cent per annum,
payable semi-annually, and are listed on the Third Market (MTF) of
the Vienna Stock Exchange ("Wiener Borse AG") as "ZENITH ENERGY LTD
8% NOTES - 2021" The International Securities Identification Number
("ISIN") of the Notes is AT0000A23S79. This issuance is part of an
approval to list up to EURO 10 million in several tranches and with
the same ISIN.
The Notes are governed by Austrian law and, since the Notes are
not convertible into equity of Zenith, the issuance of the Notes is
not subject to the approval of the TSX Venture Exchange in
Canada.
The Company is planning to issue further tranches of the Notes
in the first quarter of 2019. Respective announcements in relation
to each issuance will be made as required.
The issue of the Notes is aligned with the Company's strategy of
diversifying its financing towards non-equity dilutive funding to
support its successful development.
Andrea Cattaneo, Chief Executive Officer, commented:
"I am pleased with the successful listing of the Notes on the
Vienna Stock Exchange, especially as we are delivering on our
declared intention of pursuing non-dilutive financing to support
the Company's development.
This first success in the debt financing arena has been reached
after an extended process involving the selection of the most
propitious markets in Europe wherein to raise debt financing after
the Company's assignment of a medium to long-term issuer credit
rating of "B+" with Positive Outlook on October 8, 2018 by Arc
Ratings, S.A; a rarity amongst listed companies of Zenith's
size.
I am very much looking forward to the Company's progress during
2019. As has been announced, we have a series of highly prospective
workover and drilling activities planned in the very near-term.
Success in these activities will enable the Company to achieve its
production objectives and, in so doing, obtain the market
appreciation the Zenith story deserves. Our progress going forward
should reflect the considerable lessons that have been learnt
regarding the technical and geological challenges of our
potentially transformational Azerbaijan asset during the initial
phases of our 25-year field development programme."
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of TSXV) accepts
responsibility for the adequacy of this release.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Allenby Capital Limited - Financial Adviser
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Optiva Securities - Joint Broker
Christian Dennis
Tel: + 44 (0) 203 137 1903
Daniel Stewart & Company Plc - Joint Broker
Robert Emmet - Corporate Broking
Tel: + 44 (0) 207 776 6550
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 8, 2018 by Arc
Ratings, S.A.
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 Republic of Azerbaijan, 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, 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 corporate and technical expertise to
develop the Company successfully.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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