{"id":11217,"date":"2021-11-22T15:07:31","date_gmt":"2021-11-22T15:07:31","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11217"},"modified":"2021-11-22T15:07:31","modified_gmt":"2021-11-22T15:07:31","slug":"zenith-acquires-cnaog-international-subsidiary-in-tunisia","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-acquires-cnaog-international-subsidiary-in-tunisia\/","title":{"rendered":"Zenith Energy Acquires Canadian North Africa Oil &#038; Gas Subsidiary in Tunisia"},"content":{"rendered":"<p class=\"cl\"><span class=\"cg\">Zenith Energy has<\/span><span class=\"by\"> announced that Zenith Overseas Assets Holdings Ltd.<\/span><span class=\"cc\">, its fully owned subsidiary, has entered into a share purchase agreement for the acquisition<\/span><span class=\"bz\">\u00a0<\/span><span class=\"cc\">of a\u00a0<\/span><span class=\"bx\">100 percent interest<\/span><span class=\"bu\">\u00a0in the\u00a0<span class=\"bw\">issued, allotted, outstanding and fully paid-up share capital of Canadian North Africa Oil &amp; Gas Ltd. (CNAOG) (previously named CNPC International (Tunisia) Ltd), a 100% subsidiary of <\/span><span class=\"bv\">CNPC International Ltd.<\/span><\/span><span class=\"cc\">\u00a0<\/span><\/p>\n<p class=\"cl\"><span class=\"cg\">CNAOG holds\u00a0<\/span><span class=\"bz\">an undivided\u00a0<\/span><span class=\"cc\">22.5% interest in\u00a0<\/span><span class=\"bs\">the North Kairouan permit and the Sidi El Kilani Concession in\u00a0<\/span><span class=\"cc\">Tunisia (SLK), together with 25 Class B shares in Compagnie Tuniso-Koweito-Chinoise de P\u00e9trole (CTKCP), the operator, representing 25% of the issued share capital of CTKCP.<\/span><\/p>\n<p class=\"cn\"><span class=\"bz\">Pursuant to the terms of the SPA,\u00a0ZOA has acquired\u00a0<\/span><span class=\"cc\">CNAOG\u00a0<\/span><span class=\"bz\">for a consideration of US$1,658,680, paid by the Company upon completion<\/span><span class=\"bq\">. As at the Completion date, the volume of crude oil produced from the Concession and allocated to and received by\u00a0<\/span><span class=\"cc\">CNAOG<span class=\"bo\">, which has not been sold or otherwise disposed of, amounts to approximately thirty thousand (30,000) barrels of crude oil.<\/span><\/span><\/p>\n<p class=\"co\"><span class=\"cg\">Andrea Cattaneo, Chief Executive Officer of Zenith, commented:<\/span><\/p>\n<p class=\"cp\"><span class=\"bu\">&#8220;The Board is delighted to have now completed Zenith&#8217;s acquisition of an equity stake in the SLK concession, providing Zenith with immediate additional daily production revenue in\u00a0Tunisia\u00a0and an exciting future in developing SLK which has significant unexploited potential.<\/span><\/p>\n<p class=\"cp\"><span class=\"bu\">\u00a0<\/span><span class=\"bu\">The Company will now begin investing technical management time and resources towards the performance of targeted field rehabilitation and drilling activities to gradually increase production from SLK.<\/span><\/p>\n<p class=\"cp\"><span class=\"bu\">\u00a0<\/span><span class=\"bu\">We are also pleased to have increased our footprint in Tunisia, a country where we are now increasingly well-established as an oil and gas producer and where we hope to further consolidate our presence.&#8221;<\/span><span class=\"bu\">\u00a0<\/span><\/p>\n<p class=\"cl\"><em><span class=\"bu\">I thank CNPCI for their constructive assistance in successfully concluding this transaction.\u00a0<\/span><span class=\"bz\">We look forward to exploring further opportunities for cooperation with them in due course.<\/span><\/em><span class=\"bu\">\u00a0<\/span><\/p>\n<p class=\"cq\"><span class=\"bu\">Similarly,\u00a0<\/span><span class=\"bk\">we shall seek to provide further updates to shareholders on other areas of long-held focus between now and the close of the year.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/zenith-acquires-cnaog-international-subsidiary-in-tunisia\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9099,"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":[9800,9799,4952,9222,8398,7522,2578,9016],"class_list":["post-11217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-canadian-north-africa-oil-gas-ltd","tag-cnpc-international","tag-cnpci","tag-compagnie-tuniso-koweito-chinoise-de-petrole","tag-north-kairouan-permit","tag-sidi-el-kilani","tag-tunisia","tag-zenith","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2UV","jetpack-related-posts":[{"id":9098,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-acquires-sidi-el-kilani-from-cnpc\/","url_meta":{"origin":11217,"position":0},"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":10187,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-awarded-extension-of-spa-for-acquisition-of-slk-from-kufpec\/","url_meta":{"origin":11217,"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":8309,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-makes-first-payment-to-kufpec-for-sidi-el-kilani\/","url_meta":{"origin":11217,"position":2},"title":"TUNISIA: Zenith Energy Makes First Payment to KUFPEC for Sidi El Kilani","author":"","date":"June 11, 2020","format":false,"excerpt":"Zenith Energy has announced that it has made payment for a total of US$250,000 to Kuwait Foreign Petroleum Exploration Company K.S.C.C (KUFPEC), a subsidiary of the State of Kuwait's national oil company, in relation to the acquisition of a 22.5% working interest in the North Kairouan permit and the Sidi\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\/TINISIA-SIDI-EL-KILANI.jpg?fit=399%2C530&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10323,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-completes-acquisition-of-the-el-bibane-and-robbana-concessions\/","url_meta":{"origin":11217,"position":3},"title":"TUNISIA: Zenith Energy Completes Acquisition of the El Bibane and Robbana Concessions","author":"","date":"May 13, 2021","format":false,"excerpt":"Zenith Energy has announced that\u00a0 Compagnie Du Desert Ltd, its fully owned subsidiary, has now\u00a0completed the acquisition\u00a0of a 100 percent interest in the fully owned subsidiary of Candax Energy Limited\u00a0 in Barbados, Ecumed Petroleum Tunisia Ltd (EPT), which holds a 100% interest in the El Bibane and Robbana concessions in\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":11217,"position":4},"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":10053,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-acquires-oil-production-development-asset\/","url_meta":{"origin":11217,"position":5},"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, 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