Zenith Energy Ltd Termination of SPA for acquisition of OMV Yemen (2000L)
04 Septembre 2023 - 8:00AM
UK Regulatory
TIDMZEN
RNS Number : 2000L
Zenith Energy Ltd
04 September 2023
September 4, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Termination of SPA for acquisition of OMV Yemen
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international
energy production and development company, announces that in
agreement with OMV Exploration and Production GmbH ("OMV") it has
terminated the share purchase agreement ("SPA") announced to the
market on January 3, 2023, for the acquisition of 100% of the
outstanding share capital of OMV (Yemen Block S 2) Exploration
GmbH, OMV Jardan Block 3 Upstream GmbH,
and OMV Block 70 Upstream GmbH (collectively "OMV Yemen") .
The SPA has been terminated due to the conditions required for
completion of the SPA not being satisfied.
In accordance with the terms of the SPA, OMV has refunded the
deposit of US$4,323,800 plus accrued interest to Zenith.
Acquisition of Zenith Netherland by Hingbo Industries Company
Limited
In view of the termination of the SPA with OMV Yemen, the share
purchase agreement entered into with Hingbo Industries Company
Limited for the sale of a 51% interest in the issued, allotted,
outstanding and fully paid-up share capital of the Company's fully
owned subsidiary, Zenith Energy Netherlands B.V ("Zenith
Netherlands"), announced to the market on January 3, 2023, has also
been terminated.
Zenith Netherlands is currently dormant and has no assets.
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 1279
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
BlytheRay - Financial PR/IR Tel: +44 207 138 3204
Tim Blythe, Megan Ray, Matt E: zenith@blytheray.com
Bowld
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328 5656
Adviser
Nick Harriss
Daniel Dearden-Williams
Miriad Limited - Media Enquiries Tel: +44 7867527659
Zak Mir E: zak@zakmir.com
Notes to Editors :
Zenith Energy Ltd. is a revenue generating, independent energy
company with production, exploration and development assets in
Africa, the Middle East and Europe, including electricity
generation in Italy. The Company is listed on the London Stock
Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo
Stock Exchange (OSE: ZENA).
Zenith's strategic focus is on pursuing development
opportunities through the development of proven revenue generating
energy production assets, as well as low-risk exploration
activities in assets with existing production.
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
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END
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