{"id":10244,"date":"2021-04-21T20:16:30","date_gmt":"2021-04-21T20:16:30","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10244"},"modified":"2021-04-22T21:20:50","modified_gmt":"2021-04-22T21:20:50","slug":"zenith-energy-makes-binding-offer-to-acquire-oil-production-development-assets-in-tunisia","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-makes-binding-offer-to-acquire-oil-production-development-assets-in-tunisia\/","title":{"rendered":"Zenith Energy Makes Binding Offer To Acquire Oil Production &#038; Development Assets in Tunisia"},"content":{"rendered":"<p class=\"bq\"><span class=\"bn\">Zenith Energy <\/span><span class=\"bf\">\u00a0has made a binding offer\u00a0 to wholly acquire a company holding a 100% interest in two hydrocarbons production and development concessions in Tunisia which has now been accepted.<\/span><\/p>\n<p class=\"bt\"><span class=\"be\">Terms<\/span><\/p>\n<p class=\"bq\"><span class=\"be\">The Offer is represented by a mix of cash payments and assumption of debt by Zenith for a total consideration of approximately\u00a0USD$200,000.<\/span><\/p>\n<p class=\"bt\"><span class=\"be\">Production<\/span><\/p>\n<p class=\"bq\"><span class=\"be\">The Potential Acquisitions currently produce approximately 80-100 barrels of condensate per day with 5.5-6 MMSCF of natural gas, which is re-injected into the formation, from the first Potential Acquisition concession, and approximately 25 barrels of oil per day from the second Potential Acquisition concession. One well within the first Potential Acquisition concession suffered tubing string damage and has been temporarily shut-in, having had a stabilised production range of between approximately 500-600 barrels of oil per day prior to production being suspended. The low oil price environment during 2020 and the material investment required to restore production from this well have prevented the necessary repair work from being implemented.\u00a0<\/span><\/p>\n<p class=\"bq\"><span class=\"bo\">A recent study carried out by seller in respect of the second Potential Acquisition, comprising production, cost-effectiveness and feasibility evaluations, concluded that the current production of approximately 25 barrels of oil per day could be increased to up to approximately 200 barrels of oil per day via drilling activities. The seller did not implement the recommendations of the study due to the low oil price environment during 2020 and the emergence of financing difficulties.<\/span><\/p>\n<p class=\"bt\"><span class=\"be\">Terms and Expiry of Potential Acquisitions<\/span><\/p>\n<p class=\"bu\"><span class=\"bc\">Both Potential Acquisitions will be\u00a0<\/span><span class=\"bb\">acquired with a 100% working interest.<\/span><span class=\"az\">\u00a0<\/span><\/p>\n<p class=\"bu\"><span class=\"az\">The Company can confirm that the Potential Acquisitions are due to expire during the years 2033 and 2034 respectively.<\/span><\/p>\n<p class=\"a\"><span class=\"bb\">\u00a0<\/span><span class=\"ay\">Andrea Cattaneo, Chief Executive Officer of Zenith, commented:<\/span><\/p>\n<p class=\"bq\"><span class=\"bk\">&#8220;We are very pleased to continue further enriching our portfolio of oil and gas production and development assets in\u00a0Tunisia, especially with these Potential Acquisitions which contain significant untapped potential and opportunity for value creation.<\/span><\/p>\n<p class=\"bq\"><span class=\"bk\">We expect to shortly achieve a daily production in excess of approximately 1,000 barrels of oil per day by way of our recently announced acquisitions, as well as the near-term development activities we intend to perform in these assets, which would very favourably position the Company in terms of profitability in the current oil price environment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zenith Energy \u00a0has made a binding offer\u00a0 to wholly acquire a company holding a 100% interest in two hydrocarbons production and development concessions in Tunisia which has now been accepted. &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-makes-binding-offer-to-acquire-oil-production-development-assets-in-tunisia\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[7768,2578,7518],"class_list":["post-10244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-andrea-cattaneo","tag-tunisia","tag-zenith-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/zenith.png?fit=603%2C407&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2Fe","jetpack-related-posts":[{"id":10053,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-acquires-oil-production-development-asset\/","url_meta":{"origin":10244,"position":0},"title":"TUNISIA: Zenith Energy Acquires Oil Production &#038; Development Asset","author":"","date":"March 18, 2021","format":false,"excerpt":"Zenith Energy \u00a0has entered into a share purchase agreement\u00a0 with Candax Energy Limited\u00a0 for the acquisition of a 100 percent interest in Candax's fully owned subsidiary in Barbados, Ecumed Petroleum Zarzis Ltd, which holds a 45% interest in the Ezzaouia Concession.\u00a0 Terms of the Acquisition\u00a0 Pursuant to the terms of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10102,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-completes-acquisition-of-ezzaouia-concession\/","url_meta":{"origin":10244,"position":1},"title":"TUNISIA: Zenith Energy Completes acquisition of Ezzaouia Concession","author":"","date":"March 25, 2021","format":false,"excerpt":"Zenith Energy has announced that it\u00a0has now completed the acquisition of a 100 percent interest in the fully owned subsidiary of Candax Energy Limited\u00a0 in Barbados, Ecumed Petroleum Zarzis Ltd,\u00a0which holds a 45% interest in the Tunisian onshore Ezzaouia Concession. \u00a0Terms of the Acquisition\u00a0 Pursuant to the terms of the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11217,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-acquires-cnaog-international-subsidiary-in-tunisia\/","url_meta":{"origin":10244,"position":2},"title":"Zenith Energy Acquires Canadian North Africa Oil &#038; Gas Subsidiary in Tunisia","author":"","date":"November 22, 2021","format":false,"excerpt":"Zenith Energy has announced that Zenith Overseas Assets Holdings Ltd., its fully owned subsidiary, has entered into a share purchase agreement for the acquisition\u00a0of a\u00a0100 percent interest\u00a0in the\u00a0issued, allotted, outstanding and fully paid-up share capital of Canadian North Africa Oil & Gas Ltd. (CNAOG) (previously named CNPC International (Tunisia) Ltd),\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12003,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-to-commence-mobilisation-of-workover-rig-to-rob-1\/","url_meta":{"origin":10244,"position":3},"title":"TUNISIA: Zenith Energy to Commence Mobilisation of workover rig to ROB-1","author":"","date":"March 10, 2022","format":false,"excerpt":"Zenith Energy has said\u00a0that a workover rig will shortly be mobilized to the Robbana concession (onshore Tunisia) to commence operations in well Robanna-1 (ROB-1). \u00a0The workover rig will re-enter ROB-1 and pull the tubing string out of the hole. A specialized Schlumberger wireline unit will subsequently perform logging operations to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9098,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-acquires-sidi-el-kilani-from-cnpc\/","url_meta":{"origin":10244,"position":4},"title":"TUNISIA: Zenith Energy Acquires Sidi El Kilani from CNPC","author":"","date":"September 11, 2020","format":false,"excerpt":"Zenith Energy has announced that its\u00a0wholly owned subsidiary Zenith Energy Netherlands B.V. has signed a conditional sale and purchase agreement (SPA) with CNPC International (Tunisia) Ltd., a 100% subsidiary of CNPCI,\u00a0CNPC International Ltd., for the acquisition of a\u00a0working interest in, inter alia, the North Kairouan permit and the Sidi El\u2026","rel":"","context":"In \"CNPC\"","block_context":{"text":"CNPC","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/cnpc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10783,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-mobilizes-work-over-rig-in-the-robbana-concession-to-overturn-dipping-production\/","url_meta":{"origin":10244,"position":5},"title":"TUNISIA: Zenith Mobilizes Work-over Rig in the Robbana Concession to Overturn Dipping Production","author":"","date":"August 19, 2021","format":false,"excerpt":"Zenith Energy has announced that it has finalised all the necessary preparations for the commencement of operational activities in the Robbana concession\u00a0 in onshore Tunisia. Tnis follows an extensive technical review, resulting in the decision to perform a workover of ROB-1, which is currently producing at a rate of approximately\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10244"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10244\/revisions"}],"predecessor-version":[{"id":10245,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10244\/revisions\/10245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8348"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}