Upon completion of the acquisitions, it is anticipated that Zenith will have a production in excess of 1500 bpd.
Andrea Cattaneo, CEO, commented: “It is extremely encouraging to receive such interest from a new institutional investor, especially during the unprecedented circumstances the world is currently facing.
The strategy Zenith is pursuing of expanding countercyclically at a time of great opportunity for portfolio enrichment by acquiring large, revenue generating oil production assets is attractive to institutional investors who see material future value for a junior oil company of our size with a clearly defined set of development objectives.
We look forward to the journey ahead with confidence in the belief that once the Covid-19 pandemic begins to be tackled successfully, and lessens in its impact, there will be a progressive recovery in financial markets and oil prices.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/31032020/zenith-energy-receives-loi-for-us2-million-investment/