Zenith Energy Ltd announces its first acquisition in Africa

  • Dec 27, 2019 GMT
  • Team Kalkine

Zenith Energy Ltd (LON: ZEN) has announced about its first acquisition in Africa.

  • The company has signed a conditional share purchase agreement (SPA) with AIM quoted Anglo African Oil & Gas plc (AAOG) for the acquisition of an 80 per cent interest in its fully owned subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U.
  • As per the agreement, the company will enrich, as well as diversify, its asset portfolio by completing its first African acquisition in the form of a highly prospective oil production and development asset.
  • The company will own the majority 80 per cent of Anglo African Oil & Gas plc Congo which subsequently has a 56 per cent interest in and is operator of the Tilapia oilfield.
  • On 26th December 2019, at the time of writing, GMT 08:02 AM, ZEN shares were trading at GBX 1.80, up by 0.10 points or 5.88% against the previous day closing price.

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