Zenith Energy Announces Filing Delay, Highlights Key Business Developments
TheNewswire -- June 29, 2020 -- NewsGenie -- Zenith Energy Ltd. has announced a postponement in the filing of its audited consolidated financial statements, management's discussion and analysis, and annual information form for the year ended March 31, 2020. The company is relying on an exemption provided in ASC Blanket Order 51-517 and expects to file these documents no later than August 13, 2020.
During this delay, members of Zenith's management and insiders are subject to an insider trading black-out policy.
Zenith Energy also provided an update on recent business developments:
- On June 25, 2020, Zenith completed the handover of the Contract Rehabilitation Area to SOCAR in Azerbaijan, ceasing oil production operations there and transferring approximately 170 employees to SOCAR.
- On June 9, 2020, the Company completed a private placement to raise approximately NOK 7,600,000 through the issuance of 80,000,000 common shares.
- Effective May 29, 2020, Zenith's common shares were voluntarily delisted from the TSX Venture Exchange.
- On May 5, 2020, Zenith acquired a 100 percent interest in Anglo African Oil & Gas Congo S.A.U., which has a 56 percent majority interest in the Tilapia oilfield in the Republic of the Congo, for £200,000.
- On May 5, 2020, the Company completed a private placement to raise approximately £540,000 through the issuance of 60,000,000 commons shares.
- On April 20, 2020, Zenith's subsidiary, Zenith Energy Netherlands B.V., signed a conditional sale and purchase agreement with KUFPEC (Tunisia) Limited for the acquisition of a working interest in the North Kairouan permit and the Sidi El Kilani Concession, which contains the Sidi El Kilani oilfield. The consideration payable by Zenith Netherlands is US$500,000.
- On April 8, 2020, the Company completed a private placement to raise approximately £525,000 through the issuance of 75,000,000 commons shares.
- On February 17, 2020, the Company completed a private placement to raise approximately £300,000.00 through the issuance of 20,000,000 commons shares.
Andrea Cattaneo, Chief Executive Officer, can be contacted for further information at info@zenithenergy.ca.
Zenith Energy Ltd. is an international oil and gas production company focused on African development opportunities, listed on the London and Oslo Stock Exchanges.