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Zenith Energy completes acquisition of El Bibane and Robbana concessions

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Oilfield Technology,

Zenith Energy Ltd. has announced that Compagnie Du Desert Ltd (CDD), its fully owned subsidiary, has now completed the acquisition of a 100% interest in the fully owned subsidiary of Candax Energy Limited (Candax) in Barbados, Ecumed Petroleum Tunisia Ltd (EPT), which holds a 100% interest in the El Bibane and Robbana concessions in Tunisia.

Pursuant to the terms of the SPA, CDD acquired 100% of the issued share capital of EPT for a nominal consideration of US$100 payable at completion, as well as an additional consideration of approximately US$200 000 in the form of assumption of debt payable by the end of May 2021.

Andrea Cattaneo, CEO of Zenith, commented: "We are very pleased to have now formally completed the acquisition of the El Bibane and Robbana concessions which enables Zenith to hold an enlarged portfolio with a daily production of crude oil, natural gas and condensate in Tunisia.

The company's focus will now turn towards beginning to exploit the significant untapped hydrocarbons production potential of our newly acquired Tunisian assets. An update in this respect will be provided in due course once we have finalised our operational working programme."

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