The consideration payable by Zenith under the terms of the agreement is US$300 000. Upon completion of the acquisition, the company’s working interest in the Sidi El Kilani oilfield will equate to a daily production of approximately 280 bpd.
The acquisition is Zenith’s second acquisition in relation to the Sidi El Kilani concession and enlarges the company’s total conditional interest in the acquisition to 45%. On 20 April, Zenith announced a conditional sale and purchase agreement to acquire the working interest of KUFPEC (Tunisia) Limited.
Andrea Cattaneo, CEO, commented:
“We are delighted to have concluded this transaction with CNPCI. The Board of Directors is highly satisfied with the favourable commercial terms agreed in relation to Tunisian Acquisition. Upon completion, the company will have material daily production revenue and an exciting future in developing the Sidi El Kilani asset in partnership with Entreprise Tunisienne d'Activités Pétrolières (ETAP), the state oil company. We are also very pleased to have increased our presence in Tunisia; a safe, democratic jurisdiction with a long-established history of successful oil and gas production activities for independent companies such as Zenith. The company has developed a very constructive relationship with CNPCI, and we look forward to exploring further opportunities for mutual cooperation in due course.” ?
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/08092020/zenith-energy-expands-tunisian-portfolio/