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Until the Company has filed the Year-End Filings, members of the Company's management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 -Failure-to-File Cease
An update on material business developments since the previous announcement on
- On
July 20, 2020 , the Company announced it had submitted a comprehensive commercial and technical offer to theMinistry 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".- On
July 10, 2020 , the Company completeda private placement to raise an aggregate total amount of approximatelyNOK 3,120,000 (approximatelyGBP260,000 ) through the issuance of 60,000,000 common shares of no-par value in the capital of the Company.- On
July 7, 2020 , the Company announced it had entered into a joint venture agreement (the "Agreement") with a local oil & gas company in theRepublic of the Congo . The primary objective of the Agreement is the potential acquisition of an onshore oil production licence (the "Potential Acquisition").Under the terms of the Agreement, the Company and its local partner will jointly submit an application to the relevant authorities in theRepublic of the Congo , including theMinistry of Hydrocarbons , for the award of a new licence in relation to the Potential Acquisition.Further, in accordance with the Agreement, it is stipulated that Zenith shall have the role of joint operator and majority partner in the event that a new licence is successfully obtained in relation to the Potential Acquisition.
Further Information:
------------------------------------------ |Zenith Energy Ltd| | |----------------------------------------| |Andrea Cattaneo, |Tel: +1 (587) 315 9031| |Chief Executive | | |Officer | | |----------------------------------------| | |E-mail: | | |info@zenithenergy.ca | ------------------------------------------
Notes to Editors:
Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically in
Reader Advisory
Forward Looking Statements.Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "proposed" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current believe or assumptions as to the outcome and timing of such future events. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. In particular, this press release contains forward-looking information relating to the anticipated filing of the Year-End Filings, the Agreement and the completion of the Potential Acquisition. Various assumptions or factors are typically applied in drawing conclusions or making the forecast or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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