First Agreement for USA acquisition campaign
First Agreement for USA acquisition campaign
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production company, is pleased to announce that it has entered into an agreement (the "Agreement") with Stateside Energy LLC, a company registered under the laws of the State of Oklahoma, United States of America (hereinafter "Stateside") to acquire and operate a portfolio of oil production and development licences in Oklahoma, as well as certain other States in the USA (the "Targets").
Key Terms
· Stateside is an oil and gas operator with a portfolio of seven oil wells in the State of Oklahoma.
· Under the Agreement, Zenith will incorporate a wholly owned special purpose vehicle in the United States of America for the purpose of acquiring oil wells and licence blocks in the State of Oklahoma and certain other States in USA (the "Newco").
· Stateside will make available its personnel in Oklahoma for the purpose of assisting the business development of Newco.
· Zenith will consider providing Stateside with the following incentive bonus structure based upon the Newco reaching the following incremental average production targets: 75, 125, 175 and 225 barrels of oil per day (the "Milestones").
· Upon the achievement of each Milestone Zenith will consider issuing Stateside certain amounts payable by way of issuing equity securities (the "Incentive Bonus Payments").
· Stateside agrees to sell its oil production wells to Newco, subject to the completion of a satisfactory due diligence by Zenith, for a nominal consideration.
· It is planned that the Newco will negotiate the acquisition of approximately 70 oil production wells located on property leases totalling approximately 3,200 acres located in the State of Oklahoma for sale by a third-party identified by Stateside (the "Potential Vendor").
· The Potential Vendor has indicated it also intends to sell certain oilfield service equipment including, inter alia, a pulling unit and a tank truck, for an amount to be agreed.
· Zenith has agreed to invest approximately US$2 million, subject to the completion of a satisfactory due diligence, for the acquisition of Targets to be introduced by Stateside.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to formally begin our expansion in the USA by way of the Agreement with Stateside. The advantages of operating in North America are readily apparent, and primarily include the speed of execution for transactions, with the resulting delivery of potential immediate oil production to Zenith, and the relatively conspicuous lack of bureaucratic delays and other detrimental impediments to corporate development seen elsewhere.
The Company is currently negotiating the potential acquisition of various oil production assets with significant development potential across the USA. We look forward with enthusiasm to potentially completing these in an expeditious manner, subject to rigorous due diligence, by leveraging one of our strengths: deal-making."
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production company, is pleased to announce that it has entered into an agreement (the "Agreement") with Stateside Energy LLC, a company registered under the laws of the State of Oklahoma, United States of America (hereinafter "Stateside") to acquire and operate a portfolio of oil production and development licences in Oklahoma, as well as certain other States in the USA (the "Targets").
Key Terms
· Stateside is an oil and gas operator with a portfolio of seven oil wells in the State of Oklahoma.
· Under the Agreement, Zenith will incorporate a wholly owned special purpose vehicle in the United States of America for the purpose of acquiring oil wells and licence blocks in the State of Oklahoma and certain other States in USA (the "Newco").
· Stateside will make available its personnel in Oklahoma for the purpose of assisting the business development of Newco.
· Zenith will consider providing Stateside with the following incentive bonus structure based upon the Newco reaching the following incremental average production targets: 75, 125, 175 and 225 barrels of oil per day (the "Milestones").
· Upon the achievement of each Milestone Zenith will consider issuing Stateside certain amounts payable by way of issuing equity securities (the "Incentive Bonus Payments").
· Stateside agrees to sell its oil production wells to Newco, subject to the completion of a satisfactory due diligence by Zenith, for a nominal consideration.
· It is planned that the Newco will negotiate the acquisition of approximately 70 oil production wells located on property leases totalling approximately 3,200 acres located in the State of Oklahoma for sale by a third-party identified by Stateside (the "Potential Vendor").
· The Potential Vendor has indicated it also intends to sell certain oilfield service equipment including, inter alia, a pulling unit and a tank truck, for an amount to be agreed.
· Zenith has agreed to invest approximately US$2 million, subject to the completion of a satisfactory due diligence, for the acquisition of Targets to be introduced by Stateside.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to formally begin our expansion in the USA by way of the Agreement with Stateside. The advantages of operating in North America are readily apparent, and primarily include the speed of execution for transactions, with the resulting delivery of potential immediate oil production to Zenith, and the relatively conspicuous lack of bureaucratic delays and other detrimental impediments to corporate development seen elsewhere.
The Company is currently negotiating the potential acquisition of various oil production assets with significant development potential across the USA. We look forward with enthusiasm to potentially completing these in an expeditious manner, subject to rigorous due diligence, by leveraging one of our strengths: deal-making."
Andpaal71
24.06.2023 kl 21:26
1054
Liverbirds skrev 👏👏👏
Hva vil Zena sitte igjen med. 20 mill i investeringer? Ca 100 fat olje hver dag? Ca 30 mill kr i året? Zena satser litt vidt, ell?
Redigert 25.06.2023 kl 09:02
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patek5146
22.06.2023 kl 10:52
1321
Blientotre skrev Venter spent på nye oppdateringer fra USA-prosjektet.
Og mens vi venter, fortsætter kursen troligt med at falde gennemsnitlig 3-5% pr uge, ikke meget tiltro fra investorer at noget skal lykkes her desværre
Redigert 22.06.2023 kl 11:23
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any how we have USA production soon
Sia
07.06.2023 kl 08:49
2034
Jeg, også. Det var på tide å redegjøre for noe AC har visst lenge. Forklarer i alle fall ned salget siste måneder. Dette har noen visst.
Blientotre
07.06.2023 kl 03:50
2195
The Robbana Concession is producing approximately 20-25 barrels of oil per day,
with a total accumulation of approximately 8,000 barrels of oil in stock which
is ready for sale subject to local export permissions being granted.
Altså i «The Robbana Concession»
with a total accumulation of approximately 8,000 barrels of oil in stock which
is ready for sale subject to local export permissions being granted.
Altså i «The Robbana Concession»
futureistoday
07.06.2023 kl 00:06
2832
Hvorfor i alle dager skal det skremme noen andre land?😂 det er jo korrupsjon fra myndighetene som har utløst dette, zenith har da ikke gjort noe galt, er jo derfor de går til sak. Om noe så burde det heller vise at zenith er en seriøs aktør som følger spillereglene
Its totally different from remaining deal including USA Benin and Yemen here......
1) Officially in RNS company is part of EZZ field is confirme
2) ETAP employees is culprit behind oil sale as per newsreport not government.
3) Company loose money due to Tunisian government inaction to approve in SLK and EZZ infill drilling programm, government need to come with valiid explanations in court and i dont thik they gave any.
It will help work decision making in infill drilling programm and accelerate oil sale.
Expecting out of court settlement as it will cost more Tunisian govt than Zenith including oil investment reputation too.
1) Officially in RNS company is part of EZZ field is confirme
2) ETAP employees is culprit behind oil sale as per newsreport not government.
3) Company loose money due to Tunisian government inaction to approve in SLK and EZZ infill drilling programm, government need to come with valiid explanations in court and i dont thik they gave any.
It will help work decision making in infill drilling programm and accelerate oil sale.
Expecting out of court settlement as it will cost more Tunisian govt than Zenith including oil investment reputation too.
Redigert 07.06.2023 kl 00:06
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birol
06.06.2023 kl 23:41
2914
You found this rns positive? Don't u think this will scare Benin and Yemen?
Tunisia can not stop oil sell which is legitimate after SLK take over, oil worth more than $18 million in inventory. Expecting out of court settlement.
Many hidden things here too....
Many hidden things here too....
Redigert 06.06.2023 kl 23:41
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patek5146
06.06.2023 kl 23:33
2957
Mon det er slut med at sponsorere det fodbold hold nu da eventyret er ovre i Tunesien
Gullit
06.06.2023 kl 23:25
3002
Store ting på gang i USA, derfor han kan kjøre en hard linje mot Tunisia nå!! Synes du tar feil person her. Zenith produserer olje og fikk Solgt en del i 2022. Att dette stoppet opp er ikke AC sin feil. Dette må det bli en endring på og derfor dagens melding. Synes virkelig man skal formulere seg etter hva som faktisk foregår og ikke etter hvor man ønsker kursen.
futureistoday
06.06.2023 kl 23:22
3016
Det er helt tydelig nå at det jobbes hardt i kulissene med informasjon de ikke har kunnet gå ut i markedet med. Men det er veldig positivt at zenith viser de ikke tar imot dritten som blir levert. Pr idag så har de sak mot Kongo med krav om 5,7 mill USD (og økende med renter osv) de har krav mot det franske boreselskapet som gjorde flere fatale feil vedrørende boring for aaog på var det 9 mill USD? (Kan være jeg bommer på tallet her) og nå krav mot Tunisia på 48 mill USD. Alle krav er legitime og har grunnlag i at motparten ikke har gjort opp for seg eller ikke gjort det som er avtalt mellom zenith og motpart. Det er helt garantert at det vil komme inn penger fra flere hold etterhvert. Spørsmålet er bare hvor mye. Det viser også hvor mye det jobbes på alle fronter for og skape verdier i zenith. Det vi vet pr idag er at de har kjempet en kamp i Tunisia, de jobber mot en avtale i Benin, de jobber mot en avtale i Jemen, de har oppnådd avtale i usa og de forhandler med 9!! Andre parter i usa om flere felt. De har saken i retten inparis, de har saken mot Kongo. De jobber også med og lande annet felt i Kongo om jeg ikke har missforstått. Det har også blitt sagt at de jobber mot felt i Egypt, de jobber mot økning av produksjon i Italia som er noe forsinket pga byråkratiet der. Det kommer til og bli en strøm av nyheter i tiden fremover. Jeg kommer til og fortsette mine oppkjøp av aksjen😃
Redigert 06.06.2023 kl 23:24
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tsu for all
06.06.2023 kl 23:10
3068
Tragisk, AC har denne info i lang tid.....ja mulig 1 år, uten info til oss,
samme i Afrika
ikke rart aksjen er i bunn
samme i Afrika
ikke rart aksjen er i bunn
RKW
06.06.2023 kl 22:50
3172
ja, setter pris på at de nå melder dette, men mine ubesvarte spørsmål til Zenith var ikke uvesentlige. ikke rart han ikke ville svare og slettet tweets. markedet skal vel straks informeres, det tror jeg har dratt litt ut, kanskje
Gullit
06.06.2023 kl 22:49
3187
Med inngangen i USA så hadde ikke det vert noe å si på. Vi ser jo stadig hva som skjer i afrikanske land. Synes vi gjør rett i å se etter flere muligheter i USA
Gullit
06.06.2023 kl 22:47
3198
500 millioner er vel mer riktig. Men masse penger for ett lite firma. Dette får nok fart på sakene
gravemaskinen
06.06.2023 kl 22:35
3246
500 millioner utestående..forståelig at ac er sur og at Tunisia som republikk har trøbbel
Redigert 06.06.2023 kl 22:50
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Galv
06.06.2023 kl 22:33
3272
Viking
Han kommer vel snart med noen kalkulasjoner.
Det blir vel minst 25 øre pr aksje 💵🏦
Han kommer vel snart med noen kalkulasjoner.
Det blir vel minst 25 øre pr aksje 💵🏦
futureistoday
06.06.2023 kl 22:31
3286
Da ble mange spørsmål besvart, tydelig at det er store problemer i republikken tunisia. Da vet vi nok årsak til manglende investeringer og oppgraderinger der. Fremdeles en liten produksjon i robbana og eierskap i ezzouia, el bibane og slk består. Gi det litt tid så vil dette løse seg og produksjonen øke. Jeg personlig satte pris på denne oppdateringen da mange av spørsmålene vi alle har hatt ble forståelige nå.
Gullit
06.06.2023 kl 22:23
3317
Image
ZENITH ENERGY - Ny nyhet i kategori ALL 06.06.2023 22:15
06.06.2023 22:15:15: ICSID Arbitration against the Republic of Tunisia
June 6, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
ICSID Arbitration against the Republic of Tunisia
Zenith Energy Ltd. (LSE: ZEN ; OSE: ZENA), the international energy production
and development company, announces the formal submission of various legal
proceedings against the Republic of Tunisia, with a total cumulative claimed
amount of at least US$48 million.
Zenith's fully owned subsidiaries (together, the "Investors") have submitted a
request for arbitration against the Republic of Tunisia before the International
Centre for Settlement of Investment Disputes in Washington DC ("ICSID") - (the
"Arbitration").
Background to the Arbitration
The request for Arbitration before the ICSID was submitted in accordance with
article 8 of the Agreement signed between the government of the United Kingdom
of Great Britain and Northern Ireland and the government of the Tunisian
Republic in 1989 for the Promotion and Protection of Investments.
The Arbitration has been launched following a series of actions undertaken by
the Tunisian government to the material detriment of the commercial interests of
the Investors in the Republic of Tunisia, including, inter alia, unreasonable
and arbitrary obstructions in relation to the development of the Sidi El Kilani
and Ezzaouia concessions.
More specifically, these include actions in contravention to, inter alia, the
terms of the Sidi El Kilani and Ezzaouia licenses respectively, and unjustified
obstructions for processing the sale of produced oil.
Prior to initiating the Arbitration, Zenith and its subsidiaries have, in good
faith, applied their best efforts towards engaging constructively with the
relevant bodies in the Republic of Tunisia to address these matters. However, in
view of the unsuccessful nature of these efforts to date, the Investors have
been compelled, to safeguard their commercial interests and legal rights, to
launch the Arbitration.
The Investors have engaged Gide Loyrette Nouel, a legal firm with a
specialisation in high-level dispute resolution, as legal counsel in connection
with the Arbitration.
The Investors can confirm that, in the interests of preserving the Company's
cash reserves at a time of intensive expansion and development activity, they
are in advanced negotiations with a specialist third-party litigation funder for
a 'no win-no fee' financing arrangement to support all the costs in connection
with the Arbitration.
The Board, based on due and careful consideration surrounding the merits of the
Arbitration and specialist legal advice received, believes there will either be
a successful outcome resulting from the Arbitration or there will be an amicable
settlement in due course.
Update on Tunisian production and development portfolio
The Company can confirm that it continues to operate its production and
development portfolio in the Republic of Tunisia, including the Robbana and El
Bibane concessions which it holds directly with a 100% interest, whilst
negotiations are ongoing with the local authorities in Tunisia with the
objective of addressing the underlying causes of the aforementioned Arbitration.
The Robbana Concession is producing approximately 20-25 barrels of oil per day,
with a total accumulation of approximately 8,000 barrels of oil in stock which
is ready for sale subject to local export permissions being granted.
Production from the El Bibane Concession has been suspended due to necessary
maintenance activities.
Further, for the avoidance of doubt, the Company maintains that its subsidiary's
50 percent ownership of MARETAP, the joint operating company for the Ezzaouia
Concession, remains unchanged.
In view of the sensitive nature of the ongoing proceedings and discussions, the
Company will not be providing further comment until there are material updates.
Fresh Prince
06.06.2023 kl 22:20
3325
Eier ikke aksjer, men kom tilfeldigvis over denne i ICSID da jeg lette etter et helt annet selskap. :) https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/23/18
Ser ut som det kom en børsmelding om det nå nettopp også tilfeldigvis
Ser ut som det kom en børsmelding om det nå nettopp også tilfeldigvis
RKW
06.06.2023 kl 21:22
3396
spleisen er vel det eneste jeg håper de gjør som best de kan med.....fortier og glemmer!
jantt
06.06.2023 kl 18:08
3514
RKW skrev hvor langt ned skal vi i morgen?
vi skal ihvertfald under 6 øre igen.
AC er nødt til at komme med håndfaste nyheder der er penge i ellers sker der intet.
Hvor bliver splejs af ?
AC er nødt til at komme med håndfaste nyheder der er penge i ellers sker der intet.
Hvor bliver splejs af ?
RKW
06.06.2023 kl 17:33
3555
jantt skrev Så er vi tilbage til kurser før usa melding.
hvor langt ned skal vi i morgen?
BMU
06.06.2023 kl 13:26
3770
It's took me almost life time to understand one Hindu fylosofy: If you own one shoe you are owner, if you own ttwo shoes then the shoes own s you. So if you own one million share in Zenith you are free to do what ever you want,if you own ten or more million they own you it's no exceptions for A.C.to😊. We depending one success of Zenith. Zenith success it's our success 😂😂😂
Blientotre
06.06.2023 kl 10:58
3954
Det er jo åpenbart forsøk på å presse prisen ned nå. Aksjer til 60kr ble handlet for å få den ned over 3%..
Må vel bare akseptere det, det er ingen som vil inn pr nå.
Må vel bare akseptere det, det er ingen som vil inn pr nå.
LittleNoisyBoy
06.06.2023 kl 10:51
3984
Robotene som prøver å lage panikk i kursen og det er kun de som styrer. Om det er lov kan man diskutere. Oslo Børs har ingen styring på disse.
Sia
06.06.2023 kl 10:48
4004
Helt riktig, da blir "øretrillerne" små om det blir en god avtale, og forsvinner som dugg for solen:-)
Gullit
06.06.2023 kl 10:08
4072
Ser ikke vekk fra att denne tar fyr straks vi hører mer om inntekter. Frem mot det er det nok noe skepsis her, det er helt tydelig. Så må ikke alle selge på disse nivåene nå som vi vet om mulighetene som ligger i USA. Synes det var ett skikkelig løft for Zenith
it happened before 2019 Dec but course went to 0.04 to 0.18 in 7 working days..........................it all about what is announcement now they have confirm production from Tunisia Italy and now USA.
Remember Zenith sold $10 million worth oil and having 18million worth inventory in Tunisia and they bought field in less than $2million.
Remember Zenith sold $10 million worth oil and having 18million worth inventory in Tunisia and they bought field in less than $2million.
Redigert 06.06.2023 kl 09:14
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Blientotre
05.06.2023 kl 17:22
4454
Det får stå for din egen regning.
Om avtalene er signert, og vi ser at det kommer store mengder olje - så vil folk inn.
Om avtalene er signert, og vi ser at det kommer store mengder olje - så vil folk inn.
Allroad18
05.06.2023 kl 16:26
4516
Har sagt det før og jeg sier det igjen, jeg tror personlig ikke at kursen vil løfte seg uansett hva som blir annonsert. Det er rett og slett for mange som vil ut, og for få som vil inn. Vi har sett dette gang på gang ved meldinger, ett blaff opp og så er det ned igjen. Håper jeg tar feil, men selskapet har mye å bevise og de fleste som har vært med en stund begynner å bli slitne av øretrillingen.
Zenith will announce it after final signature on PSA as per interview and Benin govt is following timeline..................it is almost 2 month over after 90 days PSA finalization period.
MarketGunsling
05.06.2023 kl 15:11
4633
From everything that the company has said in the interview and on the company twitter, Benin seems to be progressing well. As to how long it will take to complete the deal, only the Benin government really know. I am more confident that Benin is close to completion than Yemen though.
Barneskirenn
05.06.2023 kl 14:55
4664
Ved bruk av Enigma?
Benin bør bli avklart snart (ja/nei).. Men vi kjenner Afrika. Kan ta noen mnd til!
Benin bør bli avklart snart (ja/nei).. Men vi kjenner Afrika. Kan ta noen mnd til!