{"id":8528,"date":"2020-07-07T09:00:08","date_gmt":"2020-07-07T09:00:08","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8528"},"modified":"2020-07-07T09:00:08","modified_gmt":"2020-07-07T09:00:08","slug":"congo-zenith-signs-joint-venture-agreement-for-acquisition-of-second-oil-production-asset","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/congo-zenith-signs-joint-venture-agreement-for-acquisition-of-second-oil-production-asset\/","title":{"rendered":"CONGO: Zenith Signs Joint Venture Agreement For Acquisition of Second Oil Production Asset"},"content":{"rendered":"

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.<\/span><\/span>\u00a0<\/span><\/p>\n

The primary objective of the Agreement is the potential acquisition of an onshore oil production licence, last producing at a rate of approximately 300 barrels of oil per day from the regionally proven Mengo formation as recently as 2019. Production has currently been suspended pending the assignation of a new licence.<\/span>\u00a0<\/span><\/p>\n

The Potential Acquisition is located in the Kouilou region of the\u00a0Republic of the Congo\u00a0in proximity of Pointe-Noire, the country’s second largest city, and is also in the vicinity of Tilapia, the Company’s recently acquired\u00a0oil production asset with transformational production potential.\u00a0<\/span>\u00a0<\/span><\/p>\n

Under the terms of the Agreement, the Company and its local partner will jointly submit an application to the relevant authorities in the\u00a0Republic of the Congo, including the\u00a0Ministry of Hydrocarbons, for the award of a new licence in relation to the Potential Acquisition.\u00a0<\/span>\u00a0<\/span><\/p>\n

Further, in accordance with the Agreement, it is stipulated that Zenith shall have the role of joint operator and majority partner in the event that a new licence is successfully obtained in relation to the Potential Acquisition.\u00a0<\/span>\u00a0<\/span><\/p>\n

Following preliminary technical\u00a0analysis of the Potential Acquisition, as part of the due diligence activities conducted prior to entering into the Agreement, Zenith is confident that profitable oil production operations can be achieved following the reactivation of the Potential Acquisition\u00a0and the performance of targeted, low-intensity workover\u00a0activities.<\/span>\u00a0<\/span><\/p>\n

The Potential Acquisition is in line with the Company’s strategy of identifying near-term production and development assets in\u00a0Africa\u00a0which have material, near-term production potential. \u00a0<\/span>\u00a0<\/span><\/p>\n

Andrea Cattaneo, Chief Executive Officer, commented:<\/span><\/p>\n

“As is known by shareholders, the Company’s senior management is currently in the\u00a0Republic of the Congo\u00a0conducting negotiations with the relevant authorities for the attribution of a new 25-year licence in relation to the highly prospective Tilapia asset.\u00a0\u00a0<\/span><\/p>\n

Our presence in the cities of Pointe-Noire and\u00a0Brazzaville, the capital of the\u00a0Republic of the Congo, has facilitated access to a number of compelling domestic opportunities, which have become even more commercially attractive in view of the recent decline in oil prices.<\/span><\/p>\n

The Potential Acquisition has two key qualities that render it highly compatible for our portfolio: near-term profitable production potential and significant development potential to progressively maximise production on account of the potentially highly significant oil reserves in place which will require independent evaluation under Canadian National Instrument 51-101. \u00a0<\/span><\/p>\n

I look forward to further updating shareholders in due course on our exciting progress in the\u00a0Republic of the Congo.”\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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 … 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":[7442,11,7444],"tags":[7768,351,504,7769,7771,4080,2052,7770,7518],"class_list":["post-8528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-andrea-cattaneo","tag-brazzaville","tag-congo","tag-kouilou-region","tag-mengo-formation","tag-ministry-of-hydrocarbons","tag-pointe-noire","tag-tilapia-asset","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-2dy","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":8528,"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 "Central Africa"","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, 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Zenith Energy that had previously announced the successful completion of an\u00a0Inquiry of Public Utility (Enqu\u00eate d'Utilit\u00e9 Publique) (IPU),\u2026","rel":"","context":"In "Central Africa"","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\/2023\/02\/Congo-Tilapia-field.jpg?fit=462%2C584&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9668,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-signs-cooperation-agreement-for-new-acquisitions-in-mena-region\/","url_meta":{"origin":8528,"position":3},"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. 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