As announced on 17 April 2020, Zenith entered into a share purchase agreement with AAOG for the acquisition of a 100% interest in AAOG Congo and related intercompany loans for a revised total consideration of £200 000. In the previous agreement, announced on 24 March, the cost was set at £800 000 for 80% interest in the asset.
Successful drilling undertaken during 2018 and 2019 identified multiple potential productive reservoirs within the Tilapia oilfield across a number of formations including the regionally proven Mengo and Djeno reservoirs.
Andrea Cattaneo, CEO, commented: “I am delighted to have now fully completed the acquisition of Tilapia, especially under the recently renegotiated highly favourable terms. We have obtained exceptional value for Zenith shareholders and I am greatly excited about our potentially transformational development opportunities in the Republic of the Congo at Tilapia.
Our focus is now on finalising the necessary regulatory process for the transfer of owenership, as well as concluding negotiations for a new 25-year license. At the same time, our technical team is making all the necessary operational preparations for planned drilling activities in well TLP-103C.
I look to forward to further updating our shareholders on Zenith’s exciting progress in a number of areas in due course.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/06052020/zenith-energy-completes-acquisition-of-tilapia-oilfield/