Zenith Energy receives LOI for US$2 million investment
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
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/
You might also like
McDermott awarded offshore contract by Brazil's BRAVA Energia
Under the contract scope, McDermott will execute the transportation and installation of flexible pipelines, umbilicals and associated subsea equipment for two new wells at the Papa-Terra field and two new wells for the Atlanta Phase 2 development.