{"id":10370,"date":"2021-05-27T17:05:26","date_gmt":"2021-05-27T17:05:26","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10370"},"modified":"2021-05-27T18:07:38","modified_gmt":"2021-05-27T18:07:38","slug":"zenith-energy-enters-loan-agreement-for-tunisian-development","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-enters-loan-agreement-for-tunisian-development\/","title":{"rendered":"Zenith Energy  Enters Loan Agreement for Tunisian Development"},"content":{"rendered":"<p><span class=\"dn\">Zenith Energy Ltd.\u00a0 has<\/span><span class=\"dp\"> announced that<\/span><span class=\"dq\"> it has entered into a loan agreement with Winance, a Dubai registered single-family office, for a total amount of EUR 2.1 million (approximately \u00a31.8 million ).<\/span><\/p>\n<p>Under the terms of the Loan Agreement, Zenith may elect to pay each Instalment either by cash or by utilising the Reserve Shares, by delivering to the Lender an amount of Reserves Shares equivalent to the quotient obtained by dividing the Instalment Amount by 95 percent of the applicable VWAP (volume weighted average price) for the period of ten business days prior to the due date for each Instalment.<\/p>\n<p class=\"dr\"><span class=\"cg\">Andrea Cattaneo, Chief Executive Officer of Zenith, commented:<\/span><span class=\"dt\">\u00a0<\/span><\/p>\n<p class=\"ds\"><span class=\"dt\">&#8220;We are very pleased to have concluded our first financing agreement with Winance. This is fruit of the considerable effort made by Zenith&#8217;s management team in developing our funding strategy with emphasis towards Arab and Middle Eastern financial markets. \u00a0<\/span><\/p>\n<p class=\"ds\"><span class=\"dt\">The Company will use the funds obtained from the Loan to commence its near-term operational objectives in\u00a0Tunisia, as well as providing additional capital for potential acquisitions that the Company may seek to complete. We shall update the market in due course regarding our operational programme in\u00a0Tunisia.<\/span><\/p>\n<p class=\"ds\"><span class=\"dt\">In view of the confidence of the Company&#8217;s management in the value creation potential of our possible near-term progress, Zenith shall seek to minimise the use of the Reserve Shares to fulfil the obligations arising from the Loan, and instead maximise the use of the Company&#8217;s financial resources generated from oil production.&#8221;<\/span><span class=\"eg\">\u00a0<\/span><\/p>\n<p class=\"eh\"><span class=\"bh\">Waqas Ibrahim, Director and CFO of Winance, commented:<\/span><\/p>\n<p class=\"ei\"><span class=\"bh\">&#8220;We are delighted to collaborate with a proficient and esteemed management team such as that of\u00a0Zenith Energy. Winance, as a strategic partner, shall seek to support Zenith&#8217;s growth aspirations for the foreseeable future by utilising our extensive expertise to innovate and adapt to the evolving funding requirements it may have as it delivers on its ambitious African development campaign.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zenith Energy Ltd.\u00a0 has announced that it has entered into a loan agreement with Winance, a Dubai registered single-family office, for a total amount of EUR 2.1 million (approximately \u00a31.8 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-enters-loan-agreement-for-tunisian-development\/\" 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":[2578,9322,7518],"class_list":["post-10370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-tunisia","tag-winance","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-2Hg","jetpack-related-posts":[{"id":8732,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-awarded-loan-facility-for-african-development\/","url_meta":{"origin":10370,"position":0},"title":"Zenith Energy Awarded Loan Facility for African Development","author":"","date":"August 2, 2020","format":false,"excerpt":"Zenith Energy\u00a0 has announced that its Italian subsidiary has received approval to be awarded a legally binding loan facility for an amount of approximately EUR 300,000 from an Italian governmental entity. The Loan attracts an interest rate of 0.85 per cent, has a grace period of 24 months during which\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/zenith.png?fit=603%2C407&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/zenith.png?fit=603%2C407&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/zenith.png?fit=603%2C407&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10187,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-awarded-extension-of-spa-for-acquisition-of-slk-from-kufpec\/","url_meta":{"origin":10370,"position":1},"title":"Zenith Energy Awarded Extension of SPA for acquisition of SLK from KUFPEC","author":"","date":"April 9, 2021","format":false,"excerpt":"Zenith Energy Ltd. has announced that its\u00a0wholly owned subsidiary Zenith Energy Netherlands B.V. has signed an extension agreement in respect of the conditional sale and purchase agreement (SPA) it signed with KUFPEC (Tunisia) Limited, a 100% subsidiary of Kuwait Foreign Petroleum Exploration Company K.S.C.C, a subsidiary of the State 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\/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":11946,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-zenith-energy-elects-not-renew-the-option-agreement-for-oml-141\/","url_meta":{"origin":10370,"position":2},"title":"NIGERIA: Zenith Energy Elects not Renew the Option Agreement for OML 141","author":"","date":"March 2, 2022","format":false,"excerpt":"Zenith Energy has announced that it has elected to not renew the Option Agreement with Noble Hill-Network Limited, first announced to the market on November 29, 2021, for the purchase of a 42% (forty-two percent) interest in the share capital of NHNL. Zenith says it remains of the view that\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\/OML-141-2.jpg?fit=576%2C394&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/OML-141-2.jpg?fit=576%2C394&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/OML-141-2.jpg?fit=576%2C394&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11595,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-zenith-energy-gets-extension-of-option-agreement-for-oml-141-rsc\/","url_meta":{"origin":10370,"position":3},"title":"NIGERIA: Zenith Energy Gets Extension of Option Agreement for OML 141 RSC","author":"","date":"January 13, 2022","format":false,"excerpt":"Zenith Energy has announced that it has agreed an extension to the Option Agreement with Noble Hill-Network Limited announced on November 29, 2021, for the purchase of a 42% (forty-two percent) interest in the share capital of NHNL. NHNL is a private Nigerian oil and gas company and the registered\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\/11\/Nigeria-Aje-field.jpg?fit=807%2C807&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/Nigeria-Aje-field.jpg?fit=807%2C807&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/Nigeria-Aje-field.jpg?fit=807%2C807&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/Nigeria-Aje-field.jpg?fit=807%2C807&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9668,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-signs-cooperation-agreement-for-new-acquisitions-in-mena-region\/","url_meta":{"origin":10370,"position":4},"title":"Zenith Energy Signs Cooperation Agreement for New Acquisitions in MENA Region","author":"","date":"January 11, 2021","format":false,"excerpt":"Zenith Energy Ltd. \u00a0has announce that it has entered into a cooperation agreement\u00a0 with Fleet Oil & Gas S.A.,\u00a0 a privately owned oil and gas company led by the former Egyptian Petroleum Minister, His Excellency Eng. Mahmoud Latif Amer. Fleet is headquartered in Dubai, United Arab Emirates and has a\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\/06\/zenith.png?fit=603%2C407&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/zenith.png?fit=603%2C407&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/zenith.png?fit=603%2C407&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1744,"url":"https:\/\/www.oilnewskenya.com\/index.php\/camac-energy-closes-100-million-credit-facility-from-zenith-bank\/","url_meta":{"origin":10370,"position":5},"title":"CAMAC Energy Closes $100 Million Credit Facility from Zenith bank","author":"Samuel Kamau Mbote","date":"September 9, 2014","format":false,"excerpt":"CAMAC Energy has\u00a0announced today that its wholly owned subsidiary, CAMAC Petroleum Limited, has entered into a credit facility with Zenith Bank Plc for a five-year senior secured term loan providing initial borrowing capacity of up to $100 million.\u00a0U.S. dollar borrowings under the term loan facility will bear interest at the\u2026","rel":"","context":"In &quot;Elsewhere in Africa&quot;","block_context":{"text":"Elsewhere in Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/elsewhere-in-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/camac-energy-logo.jpg?fit=530%2C370&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/camac-energy-logo.jpg?fit=530%2C370&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/camac-energy-logo.jpg?fit=530%2C370&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10370","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=10370"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10370\/revisions"}],"predecessor-version":[{"id":10371,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10370\/revisions\/10371"}],"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=10370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}