{"id":8309,"date":"2020-06-11T09:12:52","date_gmt":"2020-06-11T09:12:52","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8309"},"modified":"2020-06-11T09:12:52","modified_gmt":"2020-06-11T09:12:52","slug":"tunisia-zenith-energy-makes-first-payment-to-kufpec-for-sidi-el-kilani","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-makes-first-payment-to-kufpec-for-sidi-el-kilani\/","title":{"rendered":"TUNISIA: Zenith Energy Makes First Payment to KUFPEC for Sidi El Kilani"},"content":{"rendered":"<p class=\"bk\"><span class=\"bf\">Zenith Energy has<span class=\"ax\"> announced that it has made payment for a total of US$250,000 to <\/span>Kuwait Foreign Petroleum Exploration Company K.S.C.C (KUFPEC), a subsidiary of the State of Kuwait&#8217;s national oil company, in relation to the acquisition of a 22.5% working interest <\/span><span class=\"aw\">in the North Kairouan permit and the Sidi El Kilani Concession <\/span><span class=\"au\">, which contains the Sidi El Kilani oilfield\u00a0<\/span><span class=\"bh\">(SLK).<\/span><\/p>\n<p class=\"bj\"><span class=\"at\">The total consideration payable by Zenith in relation to the Tunisian Acquisition is US$500,000 as publicly announced on\u00a0April 20, 2020, .<\/span><\/p>\n<p class=\"bk\"><span class=\"aw\">Under the terms of the\u00a0<\/span><span class=\"bh\">conditional sale and purchase agreement (SPA) <\/span><span class=\"as\">signed between<\/span><span class=\"bh\"> Zenith Energy Netherlands B.V.\u00a0 and KUFPEC (Tunisia) Limited , KUFPEC&#8217;s entitlement of oil produced from SLK since the date of signing of the SPA will belong to Zenith Netherlands.<\/span><span class=\"bf\">\u00a0<\/span><\/p>\n<p class=\"bk\"><span class=\"bf\">It is expected that the production revenue generated since the date of signing of the SPA will be sufficient to fully satisfy the second and final Consideration payment to be made by the Company to the Seller for the Tunisian Acquisition by October 2020. Thereby Zenith says it does not therefore expect to raise additional capital to fund the Tunisian Acquisition.<\/span><\/p>\n<p class=\"bk\"><span class=\"bf\">Completion of the Tunisian Acquisition remains\u00a0<span class=\"y\">conditional on<\/span><span class=\"h\">\u00a0<\/span><\/span><span class=\"bn\">approval being granted by the<\/span><span class=\"bo\">\u00a0<\/span><span class=\"bp\">Comit\u00e9 Consultatif des Hydrocarbures<\/span><span class=\"bq\">\u00a0<\/span><span class=\"br\">of the\u00a0Republic of Tunisia\u00a0in respect of the transfer of the Seller&#8217;s right, title and interest in and under the Tunisian Acquisition to\u00a0Zenith Netherlands.<\/span><\/p>\n<p class=\"bt\"><span class=\"ba\">Andrea Cattaneo, Chief Executive Officer, commented:\u00a0<\/span><span class=\"bf\">&#8220;We are delighted with the favourable terms Zenith has secured in relation to the Tunisian Acquisition and we look forward with enthusiasm to beginning activities at SLK in partnership with CNPC and the Tunisian state oil company,\u00a0<\/span><span class=\"ao\">Entreprise Tunisienne d&#8217;Activit\u00e9s P\u00e9troli\u00e8res (ETAP)<span class=\"h\">.<\/span><\/span><\/p>\n<p class=\"bk\"><span class=\"bu\">\u00a0<\/span><\/p>\n<p class=\"bk\"><span class=\"bu\">The Company is also actively exploring additional onshore oil production opportunities in the\u00a0Republic of Tunisia:\u00a0<\/span><span class=\"bh\">a safe, democratic jurisdiction with a long-established history of successful oil and gas production activities for independent companies such as Zenith.\u00a0<\/span><\/p>\n<p class=\"bk\"><span class=\"bu\">\u00a0<\/span><\/p>\n<p class=\"bk\"><span class=\"bu\">As is clear, we are systematically executing our development strategy in\u00a0Africa\u00a0across a number of opportunities by diligently deploying our financial resources to maximise the enrichment of our portfolio at a time of great opportunity.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s national &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-makes-first-payment-to-kufpec-for-sidi-el-kilani\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8314,"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":[479,7521,7519,7520,7517,7516,7522,2578,7518],"class_list":["post-8309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-cnpc","tag-comite-consultatif-des-hydrocarbures-of-the-republic-of-tunisia","tag-entreprise-tunisienne-dactivites-petrolieres","tag-etap","tag-kufpec","tag-kuwait-foreign-petroleum-exploration-company","tag-sidi-el-kilani","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\/TINISIA-SIDI-EL-KILANI.jpg?fit=399%2C530&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2a1","jetpack-related-posts":[{"id":9098,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-acquires-sidi-el-kilani-from-cnpc\/","url_meta":{"origin":8309,"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":8309,"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":11217,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-acquires-cnaog-international-subsidiary-in-tunisia\/","url_meta":{"origin":8309,"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":10323,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-completes-acquisition-of-the-el-bibane-and-robbana-concessions\/","url_meta":{"origin":8309,"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":13954,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-kufpec-enters-a-new-partnership-with-shell-in-mediterranean-block\/","url_meta":{"origin":8309,"position":4},"title":"EGYPT: KUFPEC Enters a New Partnership with Shell in Mediterranean Block","author":"","date":"September 24, 2023","format":false,"excerpt":"BG International Limited, subsidiary of Shell plc., signed Farm Out Agreement (FOA) with KUFPEC (Egypt) Limited (KEL), subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), under which KEL will acquire 40% stake in Block 3 (NorthEast El-Amriya) in the Egyptian Mediterranean Sea.This FOA is subject to government and regulatory approvals,\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\/09\/Egypt-Blocks.png?fit=735%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/Egypt-Blocks.png?fit=735%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/Egypt-Blocks.png?fit=735%2C400&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/Egypt-Blocks.png?fit=735%2C400&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":8309,"position":5},"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 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