Termination of SPA for acquisition of OMV Yemen
September 4, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Termination of SPA for acquisition of OMV Yemen
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, announces that in agreement with OMV Exploration and Production GmbH ("OMV") it has terminated the share purchase agreement ("SPA") announced to the market on January 3, 2023, for the acquisition of 100% of the outstanding share capital of OMV (Yemen Block S 2) Exploration GmbH, OMV Jardan Block 3 Upstream GmbH, and OMV Block 70 Upstream GmbH (collectively "OMV Yemen").
The SPA has been terminated due to the conditions required for completion of the SPA not being satisfied.
In accordance with the terms of the SPA, OMV has refunded the deposit of US$4,323,800 plus accrued interest to Zenith.
Acquisition of Zenith Netherland by Hingbo Industries Company Limited
In view of the termination of the SPA with OMV Yemen, the share purchase agreement entered into with Hingbo Industries Company Limited for the sale of a 51% interest in the issued, allotted, outstanding and fully paid-up share capital of the Company's fully owned subsidiary, Zenith Energy Netherlands B.V ("Zenith Netherlands"), announced to the market on January 3, 2023, has also been terminated.
Zenith Netherlands is currently dormant and has no assets.
Further Information:
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Zenith Energy Ltd |
Tel: +1 (587) 315 1279 |
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BlytheRay - Financial PR/IR Tim Blythe, Megan Ray, Matt Bowld
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Tel: +44 207 138 3204
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Allenby Capital Limited - Financial Adviser
Daniel Dearden-Williams |
Tel: + 44 (0) 203 328 5656 |
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Miriad Limited - Media Enquiries Zak Mir |
Tel: +44 7867527659 |
Notes to Editors:
Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in Africa, the Middle East and Europe, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).
Zenith's strategic focus is on pursuing development opportunities through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production.
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
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