{"id":13320,"date":"2023-02-23T16:49:46","date_gmt":"2023-02-23T16:49:46","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13320"},"modified":"2023-02-23T17:07:18","modified_gmt":"2023-02-23T17:07:18","slug":"olive-energy-ep-awarded-a-licence-to-operate-the-tilapia-oilfield","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/olive-energy-ep-awarded-a-licence-to-operate-the-tilapia-oilfield\/","title":{"rendered":"Zenith Energy Disappointed as Olive Energy E&#038;P Awarded a Licence to Operate the Tilapia oilfield"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Zenith Energy says it has now become aware that a company named Olive Energy E&amp;P has been awarded a licence to operate the Tilapia oilfield adding it is disappointed by this development.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zenith Energy that had previously announced the successful completion of an&nbsp;Inquiry of Public Utility (<em>Enqu\u00eate d&#8217;Utilit\u00e9 Publique<\/em>) (<strong>IPU<\/strong>), involving an in-depth technical and financial review of the Company performed by the&nbsp;Ministry of Hydrocarbons&nbsp;of the Republic&nbsp;of the Congo, on&nbsp;February 10, 2021.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The purpose of the IPU was, in accordance with local law, to determine Zenith&#8217;s suitability for the award of a new 25-year licence to operate the Tilapia oilfield following confirmation, announced by the Company on&nbsp;December 23, 2020, regarding the successful bid submitted by&nbsp;Zenith Energy Congo SA&nbsp; for the award of a new 25-year licence to operate the Tilapia oilfield.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company announces that it has engaged a legal representative to negotiate the full repayment of an original principal amount of&nbsp;US$5.3 million&nbsp;plus accrued interest owed by&nbsp;Soci\u00e9t\u00e9 Nationale des P\u00e9troles du Congo (<strong>SNPC<\/strong>), the national oil company of the&nbsp;Republic of the Congo,&nbsp;to Anglo African Oil &amp; Gas Congo S.A.U (<strong>AAOGC<\/strong>),&nbsp;a fully owned subsidiary of the Company, for past work performed during the Tilapia I licence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Legal Claim against SMP for approx.&nbsp;US$9 million&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zenith confirms that the legal claim launched by AAOGC&nbsp;against&nbsp;Soci\u00e9t\u00e9 de Maintenance P\u00e9troli\u00e8re (<strong>SMP<\/strong>), the rig contractor employed to perform drilling services in wells TLP-103 and TLP-103C of the Tilapia oilfield during 2018-2019, is progressing in the Paris Commercial Court&nbsp;(the &#8220;<strong>Claim<\/strong>&#8220;).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company has increased the claimed amount for the performance failures by SMP during drilling activities to&nbsp;US$9 million&nbsp;in consideration of the significant commercial damages suffered&nbsp;by AAOGC, specifically the impossibility to begin production activities, as a direct result.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zenith has not provided for the potential recovery of such costs in its cashflow projections. Therefore, any success in this matter would enhance the Company&#8217;s cash position.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Luca Benedetto, Chief Financial Officer of Zenith, commented:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;<em>This represents disappointing news. However, the Company&#8217;s opportunity to recover an amount of approximately&nbsp;US$15 million&nbsp;due to past activities in connection with the&nbsp;Republic of the Congo&nbsp;remains unchanged.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>This will now become our primary focus, whilst we continue to work towards completing our acquisitions in other jurisdictions for large, revenue-generating energy production and development assets with transformational potential<\/em>.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zenith Energy says it has now become aware that a company named Olive Energy E&amp;P has been awarded a licence to operate the Tilapia oilfield adding it is disappointed by &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/olive-energy-ep-awarded-a-licence-to-operate-the-tilapia-oilfield\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13321,"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":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7447,7442,11],"tags":[7921,504,11048,7919,7922,8638,8639,7518],"class_list":["post-13320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-africa","category-countries","category-top-news","tag-anglo-african-oil-gas","tag-congo","tag-olive-energy","tag-societe-nationale-des-petroles-du-congo","tag-tilapia-oilfield","tag-tlp-103","tag-tlp-103c","tag-zenith-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Congo-Tilapia-field.jpg?fit=462%2C584&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3sQ","jetpack-related-posts":[{"id":8634,"url":"https:\/\/www.oilnewskenya.com\/index.php\/congo-brazzaville-zenith-energy-submits-comprehensive-commercial-and-technical-offer-for-tilapia-licence\/","url_meta":{"origin":13320,"position":0},"title":"CONGO (Brazzaville): Zenith Energy Submits Comprehensive Commercial and Technical Offer for Tilapia Licence","author":"","date":"July 20, 2020","format":false,"excerpt":"Zenith Energy Ltd. has provided an update on the Tilapia licence in the Republic of the Congo which expired on July 18, 2020.\u00a0 The Company confirmed that the Company's subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U, continues to operate the Tilapia oilfield on\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\/07\/Tilapia-Oilfield.jpg?fit=700%2C862&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Tilapia-Oilfield.jpg?fit=700%2C862&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Tilapia-Oilfield.jpg?fit=700%2C862&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Tilapia-Oilfield.jpg?fit=700%2C862&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9860,"url":"https:\/\/www.oilnewskenya.com\/index.php\/congo-zenith-energy-announces-successful-completion-of-ipu\/","url_meta":{"origin":13320,"position":1},"title":"CONGO: Zenith Energy Announces Successful Completion of IPU","author":"","date":"February 10, 2021","format":false,"excerpt":"Zenith Energy has announced\u00a0that it has now received formal confirmation regarding the successful completion of the Inquiry of Public Utility (IPU), following an in-depth technical and financial review, performed by the Ministry of Hydrocarbons of the Republic of the Congo during the month of January 2021.\u00a0 The Company\u00a0 had earlier\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\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9392,"url":"https:\/\/www.oilnewskenya.com\/index.php\/congo-unfreezes-aaog-congo-accounts-in-ongoing-dispute-with-smp\/","url_meta":{"origin":13320,"position":2},"title":"Congo Unfreezes AAOG Congo Accounts  in Ongoing Dispute with SMP","author":"","date":"November 12, 2020","format":false,"excerpt":"Zenith Energy has provided an update on the legal claim\u00a0 initiated during 2019 by its subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U (AAOG Congo), against Soci\u00e9t\u00e9 de Maintenance P\u00e9troli\u00e8re (SMP), the rig contractor employed for drilling services in wells TLP-103 and TLP-103C of\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\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Congo-Zenith-Tilapia-V3-expanded-scaled-1.jpg?fit=974%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8528,"url":"https:\/\/www.oilnewskenya.com\/index.php\/congo-zenith-signs-joint-venture-agreement-for-acquisition-of-second-oil-production-asset\/","url_meta":{"origin":13320,"position":3},"title":"CONGO: Zenith Signs Joint Venture Agreement For Acquisition of Second Oil Production Asset","author":"","date":"July 7, 2020","format":false,"excerpt":"Zenith Energy Ltd. has announced that it has entered into a joint venture agreement\u00a0 with a local oil & gas company in the Republic of the Congo.\u00a0 The primary objective of the Agreement is the potential acquisition of an onshore oil production licence, last 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\/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":13113,"url":"https:\/\/www.oilnewskenya.com\/index.php\/benin-zenith-energy-granted-exclusivity-for-block-1-seme-field\/","url_meta":{"origin":13320,"position":4},"title":"BENIN: Zenith Energy Granted Exclusivity for Block 1, S\u00e8m\u00e8 Field","author":"","date":"January 11, 2023","format":false,"excerpt":"Zenith Energy has announced that the Ministry of Water and Mines of the Republic of Benin has awarded Zenith Energy an exclusivity for a period of three months to negotiate and finalise the terms of a Production Sharing Contract for\u00a0Block 1 containing the S\u00e8m\u00e8 oilfield, offshore Benin. The Company announced\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\/2023\/01\/Benin-Block-1.jpg?fit=700%2C543&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Benin-Block-1.jpg?fit=700%2C543&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Benin-Block-1.jpg?fit=700%2C543&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Benin-Block-1.jpg?fit=700%2C543&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8732,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-awarded-loan-facility-for-african-development\/","url_meta":{"origin":13320,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13320","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=13320"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13320\/revisions"}],"predecessor-version":[{"id":13327,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13320\/revisions\/13327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13321"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}