{"id":9098,"date":"2020-09-11T20:35:48","date_gmt":"2020-09-11T20:35:48","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=9098"},"modified":"2020-09-11T20:35:48","modified_gmt":"2020-09-11T20:35:48","slug":"tunisia-zenith-energy-acquires-sidi-el-kilani-from-cnpc","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-acquires-sidi-el-kilani-from-cnpc\/","title":{"rendered":"TUNISIA: Zenith Energy Acquires Sidi El Kilani from CNPC"},"content":{"rendered":"

Zenith Energy has announced that its\u00a0<\/span>wholly 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 <\/span>CNPCI,\u00a0CNPC International Ltd., f<\/span>or the acquisition of a\u00a0<\/span>working interest in, inter alia, the North Kairouan permit and the Sidi El Kilani Concession (the “<\/span>Tunisian Acquisition<\/span>“), which contains the Sidi El Kilani oilfield<\/span>.<\/span>\u00a0<\/span><\/p>\n

The Seller holds an undivided 22.5% interest in the Tunisian Acquisition, 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 the company.<\/span>\u00a0<\/span><\/p>\n

The Seller has agreed to sell, assign and transfer to\u00a0Zenith Netherlands\u00a0the Tunisian Acquisition on the terms and subject to the conditions set out in the SPA.<\/span><\/p>\n

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

The consideration payable by<\/span>\u00a0<\/span>Zenith Netherlands<\/span>\u00a0<\/span>under the terms of the SPA is US$300,000.<\/span>\u00a0<\/span><\/p>\n

Completion of the SPA is conditional on<\/span>\u00a0<\/span>approval being granted by the<\/span>\u00a0<\/span>Comit\u00e9 Consultatif des Hydrocarbures<\/span>\u00a0(“CCH”)\u00a0<\/span>of the Republic of Tunisia in respect of the transfer of the Seller’s right, title and interest in and under the SLK Concession to Zenith Netherlands.<\/span>\u00a0<\/span><\/p>\n

Upon Completion of the Tunisian Acquisition, the Company’s working interest in SLK will equate to a daily production of approximately 300 barrels of oil per day.<\/span>\u00a0<\/span><\/p>\n

Background<\/span>\u00a0<\/span><\/strong><\/p>\n

The Tunisia Acquisition is Zenith’s second acquisition in relation to SLK and enlarges the Company’s total conditional interest in the Tunisian Acquisition to\u00a045%. On\u00a0April 20, 2020, the Company announced to the market that it had signed a conditional SPA to acquire the working interest of\u00a0<\/span>KUFPEC (Tunisia) Limited, a 100% subsidiary of Kuwait Foreign Petroleum Exploration Company K.S.C.C, a subsidiary of the State of Kuwait’s national oil company, in relation to the Tunisian Acquisition.<\/span>\u00a0<\/span><\/p>\n

The Company is expecting regulatory approval from the CCH in relation to the Tunisian Acquisition from KUFPEC in due course.<\/span>\u00a0<\/span><\/p>\n

As previously announced, Zenith has already engaged an independent qualified reserves evaluator to produce a\u00a0<\/span>new Competent Person’s Report in compliance with Canadian securities laws, specifically the\u00a0<\/span>COGE Handbook and National Instrument 51-101 –\u00a0Standards of Disclosure for Oil and Gas Activities, in order to obtain an updated reserves evaluation for the Tunisian Acquisition.\u00a0<\/span><\/p>\n

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

“We are delighted to have concluded this transaction with CNPCI. \u00a0<\/span><\/p>\n

The Board of Directors is highly satisfied with the favourable commercial terms agreed in relation to Tunisian Acquisition.<\/span><\/p>\n

Upon Completion, the Company will have material daily production revenue and an exciting future in developing the Sidi El Kilani asset in partnership with\u00a0<\/span>Entreprise Tunisienne d’Activit\u00e9s P\u00e9troli\u00e8res (ETAP), the state oil company.<\/span>\u00a0<\/span><\/p>\n

We are also very pleased to have increased our presence in\u00a0Tunisia;\u00a0<\/span>a<\/span>\u00a0safe, democratic jurisdiction with a long-established history of successful oil and gas production activities for independent companies such as Zenith.\u00a0<\/span>\u00a0<\/span><\/p>\n

The Company has developed a very constructive relationship with CNPCI, and we look forward to exploring further opportunities for mutual cooperation in due course.”<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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 … 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":[1],"tags":[479,8400,7519,7517,7516,8398,8399,2578,7518],"class_list":["post-9098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cnpc","tag-comite-consultatif-des-hydrocarbures","tag-entreprise-tunisienne-dactivites-petrolieres","tag-kufpec","tag-kuwait-foreign-petroleum-exploration-company","tag-north-kairouan-permit","tag-sidi-el-kilani-oilfield","tag-tunisia","tag-zenith-energy","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-2mK","jetpack-related-posts":[{"id":8309,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-makes-first-payment-to-kufpec-for-sidi-el-kilani\/","url_meta":{"origin":9098,"position":0},"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 "Countries"","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":10187,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zenith-energy-awarded-extension-of-spa-for-acquisition-of-slk-from-kufpec\/","url_meta":{"origin":9098,"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 "Countries"","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":9098,"position":2},"title":"Zenith Energy Acquires Canadian North Africa Oil & 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 "Countries"","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 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"Countries"","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":9098,"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 "Countries"","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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