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Zenith Energy submits offer for 25-year Tilapia licence

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Oilfield Technology,

Zenith Energy has announced that, in accordance with local procedures, it has submitted an 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, CEO 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."

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