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Potential Acquisition of Major Production Asset, West Africa

Source: www.gulfoilandgas.com 2/12/2020, Location: Africa

Zenith Energy Ltd. has entered into final stage negotiations with a national oil authority to secure a material oil production license in West Africa. (“Potential Acquisition”). The Potential Acquisition, formerly operated by a major international oil company, last produced at a rate in excess of 1,000 barrels of oil per day.

Following extensive due diligence, the Company believes an initial production rate of approximately 1,000 barrels of oil per day can be achieved via a rehabilitation programme, the costs of which Zenith expects will be repaid within a timeframe of 2-3 months once production has successfully been restored using a conservative oil price benchmark of US$40 per barrel.

The Potential Acquisition is in line with the Company’s strategy of identifying near-term, existing production assets which do not require material upfront capital investment and have the potential to fulfil Zenith’s mid-cap development objectives.

Andrea Cattaneo, Chief Executive Officer, commented:

“We believe the acquisition of the asset could represent a unique opportunity for achieving a quantum leap in Zenith's development. The Potential Acquisition will complement our recent acquisition in the Republic of the Congo and enlarge our footprint in a prolific oil production region.

I take the opportunity to thank our advisors who have enabled us to achieve rapid progress in pursuing development opportunities in Africa during recent months.

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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