Zenith Energy LTD.Com Shs NPV (DI) (ZEN)

Sector:

Energy Producers

 1.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 3.35
  • 52 Week Low: 1.20
  • Currency: UK Pounds
  • Shares Issued: 232.86m
  • Volume: 257,167
  • Market Cap: £3.49m
  • RiskGrade: 457
  • Beta: 0.34

Zenith Energy to acquire working interest in Tunisia asset

By Josh White

Date: Monday 02 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Oil and gas production company Zenith Energy has signed an exclusivity agreement to acquire an operated working interest in an onshore oil production asset in Tunisia, it announced on Monday.
The London-listed firm said Tunisia was an attractive prospect, given its current daily national oil production of around 35,000 barrels of oil, and describing it as a "safe, democratic" jurisdiction.

It said it saw fast monetisation of produced oil with a "favourable" fiscal regime, and added that it was an "attractive" domain for junior independent exploration and production companies.

The acquisition currently produces at a rate of around 700 barrels of oil per day, generating gross annual revenues of about $15m.

Zenith said it was advanced negotiations with an unnamed international oil major to sign an offtake agreement for the asset's future oil production, in order to fund the acquisition.

There were no plans to issue equity consideration to fund the acquisition.

The company said it intended to complete the acquisition by 31 March, subject to the satisfactory conclusion of currently ongoing due diligence activities.

"It is Zenith's strategy to acquire revenue generating oil and gas production assets," said chief executive officer Andrea Cattaneo.

"The acquisition represents an attractive opportunity to enrich our asset portfolio in a country where management have significant experience."

Cattaneo said the company was currently performing due diligence, and visiting the target asset with a view to completing the acquisition by 31 March.

"It is important to underline that we have no plans to issue equity to fund the acquisition or its immediate development following completion."

At 1433 GMT, shares in Zenith Energy were up 4.11% at 0.94p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ZEN Market Data

Currency UK Pounds
Share Price 1.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 3.35
52 Week Low 1.20
Volume 257,167
Shares Issued 232.86m
Market Cap £3.49m
Beta 0.34
RiskGrade 457

ZEN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.91% above the market average61.91% above the market average61.91% above the market average61.91% above the market average61.91% above the market average
79.71% above the sector average79.71% above the sector average79.71% above the sector average79.71% above the sector average79.71% above the sector average
Price Trend
80.24% below the market average80.24% below the market average80.24% below the market average80.24% below the market average80.24% below the market average
49.33% below the sector average49.33% below the sector average49.33% below the sector average49.33% below the sector average49.33% below the sector average
Income Not Available
Growth
14.44% above the market average14.44% above the market average14.44% above the market average14.44% above the market average14.44% above the market average
13.04% below the sector average13.04% below the sector average13.04% below the sector average13.04% below the sector average13.04% below the sector average

ZEN Dividends

No dividends found

Trades for 21-Nov-2024

Time Volume / Share Price
13:29 250,000 @ 1.60p
10:45 125 @ 1.60p
10:45 52 @ 1.40p
10:45 4,941 @ 1.60p
08:40 2,049 @ 1.52p

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