Zenith Energy completes acquisition of Candax Energy's Tunisian assets
13-05-2021 08:30:00 | by: Pie Kamau | hits: 1781 | Tags:

Zenith Energy, the oil & gas production company focused on pursuing African development opportunities, announced that following its market announcement dated April 30, 2021, Compagnie Du Desert ("CDD"), its fully owned subsidiary, has now completed the acquisition of a 100 percent interest in the fully owned subsidiary of Candax Energy in Barbados, Ecumed Petroleum Tunisia ("EPT") (the "Acquisition"), which holds a 100% interest in the El Bibane and Robbana concessions in Tunisia.

Pursuant to the terms of the SPA, CDD acquired 100% of the issued share capital of EPT for a nominal consideration of $100 payable at completion, as well as an additional consideration of approximately $200,000 in the form of assumption of debt payable by the end of May 2021.

Andrea Cattaneo, the Chief Executive Officer of Zenith said, "We are very pleased to have now formally completed the acquisition of the El Bibane and Robbana concessions which enables Zenith to hold an enlarged portfolio with a daily production of crude oil, natural gas and condensate in Tunisia. The Company's focus will now turn towards beginning to exploit the significant untapped hydrocarbons production potential of our newly acquired Tunisian assets. An update in this respect will be provided in due course once we have finalised our operational working programme."