Gulf Oil and Gas accountACCOUNT

Zenith Energy Provides Update on Tilapia

Source: www.gulfoilandgas.com 7/20/2020, Location: Africa

Zenith Energy Ltd., the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to provide an update on the Tilapia licence in the Republic of the Congo which expired on July 18, 2020.

The Company can confirm that the Company's subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U ("AAOG Congo"), continues to operate the Tilapia oilfield on an interim basis following the implementation of a "Plan for the Continuation of Activities" ("PCA") agreed with the national oil authorities.

New 25-year licence for Tilapia ("Tilapia II")
The Company is pleased to announce that, in accordance with local procedures, it has submitted a comprehensive commercial and technical offer (the "Offer") to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence for the Tilapia oilfield to be named "Tilapia II".

In consideration of the impact of the ongoing COVID-19 pandemic, as well as the expected evaluation period for the Company's aforementioned Offer, the Company expects to receive a preliminary indication regarding the possible acceptance of the Offer within the next 30 days.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:
"We are very excited about the good progress we have achieved in recent weeks in the Republic of the Congo, specifically in respect of the submission of the Offer for Tilapia II. As is to be expected, the unprecedented world crisis presented by COVID-19 has delayed all activities, including the arranging of meetings to conduct the necessary negotiations prior to submitting the Offer.

The Tilapia asset has transformational production potential and the award of a new 25-year licence will represent the first important successful milestone in our journey in the Congo. It is our hope and expectation that we shall achieve this goal in due course.

I am also pleased to confirm that negotiations are nearing a conclusion with regards to defining a payment plan for the repayment of the US$5.3 million debt owed by Société Nationale des Pétroles du Congo to AAOG Congo."

Development News in Congo >>

Australia >>  9/21/2020 - Senex Energy has been awarded preferred tenderer status for natural gas acreage in the Surat and Bowen basins as part of the Queensland Government’s d...
Australia >>  9/17/2020 - The ATP 2021 joint venture (Vintage Energy Ltd) 50% and operator, Metgasco Ltd 25% and Bridgeport (Cooper Basin) Pty Ltd 25%) advises that a developme...

Gabon >>  9/16/2020 - BW Energy is presenting at the Pareto Securities' Energy Conference today. The presentation references the progression of an alternative development...
Vietnam >>  9/11/2020 - Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to announce that it has received approval from the Prime ...

Australia >>  9/7/2020 - The Waitsia Gas Project Stage 2 proposal has been recommended for environmental approval by the Environmental Protection Authority (EPA), subject to s...
Australia >>  9/3/2020 - Kato Energy has submitted a proposal to develop the Amulet and Talisman fields, offshore Australia, to Australia's National Offshore Petroleum Safety ...




Congo Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Congo >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.