TIDMZEN
RNS Number : 0025Y
Zenith Energy Ltd
03 May 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.
May 3, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Issue of Equity
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 completed a placing
of new common shares of no par value in the capital of the Company
("Common Shares") in the United Kingdom (the "Financing").
Zenith has issued a total of 14,334,602 Common Shares at a price
of GBP0.028 (approximately CAD$0.049) (the "Financing Issue Price")
in connection with the Financing (the "Financing Common Shares") to
raise gross proceeds of GBP401,369 (approximately CAD$702,500 or
NOK 4,528,000).
Application has been made for the Financing Common Shares to be
admitted to the standard segment of the FCA Official List and to
trading on the London Stock Exchange Main Market for listed
securities ("Admission").
It is expected that Admission will become effective and that
unconditional dealings in the UK Financing Common Shares will
commence on or around 8.00 a.m. (BST) on May 7, 2019.
The Company intends to use the proceeds of the Financing to
purchase a Top Drive system and additional equipment for the mud
system of the BD-260 drilling rig to ensure increased performance
during well C-37 drilling operations. Delivery of the Top Drive
system and additional mud system components is expected by the end
of May 2019.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules, the
following information following Admission of the Financing Common
Shares:
Class of share Total number Number of Total number
of shares voting rights of voting rights
per share per class of
share
Common shares in issue
and admitted to trading
on the Main Market
of the London Stock
Exchange 258,404,153 1 258,404,153
--------------------- ---------------- ---------------------
Common shares in issue
and admitted to trading
on the TSXV 312,408,725 1 312,408,725
--------------------- ---------------- ---------------------
Common shares in issue
and admitted to trading
on the Merkur Market
of the Oslo Børs 312,408,725 1 312,408,725
--------------------- ---------------- ---------------------
No shares are held in treasury. The above figure for total
number of Common Shares may be used by shareholders in the Company
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Conclusion of Tender Process for Well C-37 Deepening
Operations
The Company is pleased to confirm that the tender process for
well C-37 deepening operations has been successfully concluded in
full consultation with its partner, SOCAR.
Zenith has now begun the process of awarding contracts to
successful bidders. As part of this, the Company is pleased to
announce that its oilfield service company subsidiary, Zena
Drilling Limited, has been awarded the contract for drilling
contractor services.
Appointment of Joint Broker
The Company is pleased to announce the appointment of Novum
Securities Limited as joint broker to the Company on the London
Stock Exchange with immediate effect.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"Our drilling engineers have recommended the purchase of a Top
Drive system to optimise the performance of the BD-260 drilling
rig. They have also recommended an increased capacity for our mud
system on the basis of technical evaluations made in preparation
for the beginning of drilling activities.
One of the primary benefits guaranteed by the Top Drive will be
to enable us to drill into the new, highly prospective untested
structure of the Upper Cretaceous formation we have identified with
enhanced performance, safety and operational flexibility over what
is offered by the traditional rotary system.
We expect to have the Top Drive system ready for transportation
to Azerbaijan within the next 14 days. Drilling operations will
commence as soon as this has arrived and has been installed.
I am confident that a positive result in C-37 drilling
operations will be transformational for Zenith shareholders. I look
forward to announcing the start of drilling activities, together
with providing further updates as we progress."
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.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 207 469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Joint Tel: + 44 (0) 207 399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328
Adviser 5656
-----------------------------
Nick Harriss
-----------------------------
Nick Athanas
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203 934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
Miles Nolan
-----------------------------
Zach Cohen
-----------------------------
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 experience and technical expertise to
develop the Company successfully.
Forward-looking statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward-looking statements
and information concerning the admission of Zenith common shares to
the Main Market for listed securities of the London Stock Exchange,
as well as the potential of its drilling operations in certain of
the Company's wells. The forward-looking statements and information
are based on certain key expectations and assumptions made by
Zenith, including the ability to execute its strategy and realise
its growth opportunities including its ability to finance and
execute its plans. Although Zenith believes that the expectations
and assumptions on which such forward-looking
statements and information are based are reasonable, undue
reliance should not be placed on the forward-looking statements and
information because the Company can give no assurance that they
will prove to be correct. All timing given in this announcement,
unless stated otherwise is indicative and while the Company
endeavours to provide accurate timing to the market, it cautions
that due to the nature of its operations and reliance on third
parties this is subject to change often at little or no notice. By
its nature, such forward-looking information is subject to certain
risks and uncertainties (both general and specific) that could
cause actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. These
risks and uncertainties include, but are not limited to, Zenith
being unable to finance or realise growth opportunities. Readers
are cautioned not to place undue reliance on this forward-looking
information, which is given as of the date hereof, and to not use
such forward-looking information for anything other than its
intended purpose. Zenith undertakes no obligation to update
publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law. The forward-looking information contained herein
is expressly qualified by this cautionary statement.
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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