(via TheNewswire)
The purpose of the Facility is to assist AAOG in addressing its immediate working capital requirements following the signing of a conditional share purchase agreement for Zenith's acquisition of an 80 percent interest in AAOG's fully owned subsidiary in the
The Facility will be available, inter alia, subject to AAOG shareholder approval of the conditional SPA announced on
The Facility will for an initial period of 6 months from
The Facility will be repayable at any time by AAOG with no early repayment penalties and will have an interest rate of 5 percent per annum which will be payable on final repayment.
Zenith shall set off sums payable by it to AAOG pursuant to the SPA against the Facility, which means the Facility is essentially an advance on sums payable by Zenith to AAOG pursuant to the SPA. The Facility will be secured on the shares in AAOG Congo.
"We have a bona fide intention to assist AAOG and its shareholders. As announced on
Indeed, I am pleased to state that we have received initial indications, which shall require further confirmation in due course, that a suitable drilling rig may shortly become available in a neighbouring country."
Neither the
Further Information:
---------------------------------------------------------------------------------------------- |Zenith Energy Ltd | | |--------------------------------------------------------------------------------------------| |Andrea Cattaneo, Chief Executive Officer |Tel: +1 (587) 315 9031 | |--------------------------------------------------------------------------------------------| | |E-mail: info@zenithenergy.ca| |--------------------------------------------------------------------------------------------| | | | |--------------------------------------------------------------------------------------------| |Peterhouse Capital - Joint Broker |Tel: + 44 (0) 20 7469 0930 | |--------------------------------------------------------------------------------------------| |Lucy Williams | | |--------------------------------------------------------------------------------------------| |Charles Goodfellow | | |--------------------------------------------------------------------------------------------| | | | |--------------------------------------------------------------------------------------------| |Novum Securities Limited - Joint Broker |Tel: + 44 (0) 20 7399 9400 | |--------------------------------------------------------------------------------------------| |Charlie Brook-Partridge | | |--------------------------------------------------------------------------------------------| |Hugh McAlister | | |--------------------------------------------------------------------------------------------| | | | |--------------------------------------------------------------------------------------------| |IFC Advisory Limited - Financial PR&IR |Tel: + 44 (0) 20 3934 6630 | |--------------------------------------------------------------------------------------------| |Graham Herring | | |--------------------------------------------------------------------------------------------| |Zach Cohen | | |--------------------------------------------------------------------------------------------| | | | ----------------------------------------------------------------------------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the
The Company was assigned a medium to long-term issuer credit rating of "B+ with Positive Outlook" on
The Company operates the largest onshore oilfield in
The Company's primary focus is the development of its
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Copyright (c) 2020 TheNewswire - All rights reserved., source