ZENA - Emisjon

Furuen
ZENA 27.02.2023 kl 22:06 54965

https://newsweb.oslobors.no/message/583710

Institutional investment in Zenith

February 27, 2023
ZENITH ENERGY LTD.

("Zenith" or the "Company")

Institutional investment in Zenith

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa, the Middle East and Europe, is pleased to announce that it has completed a fundraise in the United Kingdom (the "UK Financing"), and in Norway (the "Norwegian Financing", collectively, the "Financings").

The Financings have attracted the participation of existing institutional investors, including Premier Miton Investors, as well as Directors and employees of the Company, to raise an aggregate total amount of approximately £2,300,000 or NOK 28,484,580, resulting in the issuance of 437,728,088 new common shares.

Issue Price

The issue price of the Financings was £0.0054 for the UK Financing and NOK 0.067 for the Norwegian Financing.

Use of Proceeds

The proceeds of the Financings will be used to provide additional funding for the following:

• Negotiation and planned finalisation of a Production Sharing Contract for Block 1, Sèmè oilfield in Benin
• Technical and managerial appointments in view of planned operations in Yemen
• Additional funding for the development of Zenith’s Tunisian oil and Italian natural gas production portfolio
• Business development activities in Africa and the Middle East
• General working capital

Norwegian Financing

Zenith has issued a total of 378,931,792 new common shares of no-par value in the capital of the Company (“Norwegian Financing Common Shares"), to be admitted to trading on the Euronext Growth Oslo (the "Norwegian Financing Admission”) raising gross proceeds of NOK 25,388,430 (approximately £2,050,000).

An application for the Norwegian Financing Common Shares to also be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue of the Norwegian Financing Common Shares.

The Norwegian Financing Common Shares will rank pari passu in all respects with the existing common shares of the Company.

The Company has issued 113,679,538 share purchase warrants exercisable at a price NOK 0.094 for a duration of 3 years from the date of issue in connection with the Norwegian Financing.


UK Financing

Zenith has issued a total of 46,296,296 common shares of no-par value in the capital of the Company on the London Stock Exchange (the "UK Financing Common Shares") to raise gross proceeds of £250,000 (approximately NOK 3,096,150).

An application will be made for the UK Financing Common Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities (the "UK Financing Admission").

It is expected that the UK Financing Admission will become effective and that unconditional dealings in the UK Financing Common Shares will commence on or around 8.00 a.m. (GMT) on approximately March 3, 2023.

An application will also be made for the UK Financing Shares to be admitted to trading on the Euronext Growth Oslo.
The UK Financing Shares will rank pari passu in all respects with the existing common shares of the Company.

The Company has issued 13,888,889 share purchase warrants exercisable at a price £0.0076 for a duration of 3 years from the date of issue in connection with the UK Financing.

Debt Settlement

The Company has allotted 12,500,000 Common Shares (“Debt Settlement Shares”) to a service provider in lieu of cash settlement for services provided to Zenith for a total value of £67,500.

An application will be made for the Debt Settlement Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities (the "Debt Settlement Admission"). An application will also be made for the Debt Settlement Shares to be admitted to trading on the Euronext Growth Oslo.

The Debt Settlement Shares will rank pari passu in all respects with the existing common shares of the Company.
It is expected that the Debt Settlement Admission will become effective and that unconditional dealings in the Debt Settlement Shares will commence on or around 8.00 a.m. (GMT) on approximately March 3, 2023.

Director Dealing/ PDMR Shareholding

Mr. Andrea Cattaneo, Chief Executive Officer & President of Zenith, has subscribed for 64,695,672 common shares of no-par value in the capital of the Company in connection with the Norwegian Financing.

Upon the Norwegian Financing Admission, Mr. Cattaneo will be directly beneficially interested in a total of 167,163,912 Common Shares in the capital of the Company, representing 7.24% percent of the total issued and outstanding common share capital of the Company.

Mr. Luca Benedetto, Chief Financial Officer of Zenith has subscribed for 27,726,716 common shares of no-par value in the capital of the Company in connection with the Norwegian Financing.

Upon the Norwegian Financing Admission, Mr. Benedetto will be directly beneficially interested in a total of 27,726,716 common shares in the capital of the Company, representing 1.20% percent of the total issued and outstanding common share capital of the Company.

Total Voting Rights

The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and section 3.10 of the Euronext Growth Oslo Rule Book Part II, the following revised information resulting from completion of the Financings.

Class of share
Total number of shares
Number of voting rights per share
Total number of voting rights per class of share

Common Shares in issue and admitted to trading on the Main Market of the London Stock Exchange upon the UK Financing Admission. 1,931,370,745 1 1,931,370,745
Common Shares in issue and admitted to trading on the Euronext Growth Market of the Oslo Børs, representing the newly enlarged outstanding share capital of the Company.
2,310,302,537 1 2,310,302,537

Andrea Cattaneo, Chief Executive Officer, commented:

“We are pleased to have attracted the continued support of long-term institutional investors, including Premier Miton, to the fundraise.

Our confidence in the Company’s future successful development remains unchanged and is evidenced by the material commitment made by management to the fundraise.

There are various potentially transformational value catalysts during the course of 2023. To this end, the Zenith team is working tirelessly towards successfully achieving our objectives for the benefit of all shareholders.”
Redigert 27.02.2023 kl 22:07 Du må logge inn for å svare
Viking_I
21.03.2023 kl 10:23 3380

Buy before Benin announcement - 131 MMbbls if get 60% sharing with $4.5/ barrels rate and $10million investment valuation is
131mmbbls *$4.5*0.6= $353.7 million
$353.7- $10million = $343.7million
$343.7million/ 2310.3 shares = $0.149 = kr 1.57
As time bound PSC announcement around Easter - within 10 working days.
After Saudi Iran Chinese meeting Yemen is looking more lucrative now.


Redigert 21.03.2023 kl 10:30 Du må logge inn for å svare
Aldara
21.03.2023 kl 10:30 3369

We need facts and money on the table! Not more Viking-babbel!
Viking_I
21.03.2023 kl 10:31 3373

You challenge number with number not usual blabbering.
Yemen worth $100 million got in $20 million .............defiantly final approval waiting worth to take risk at this level.
someone can buy this level and leave at 0.12 will cover all loses no need to wait after Easter.
Redigert 21.03.2023 kl 10:37 Du må logge inn for å svare
Furuen
21.03.2023 kl 10:49 3313

Når vi såg reaksjonen fra myndighetene i Jemen på annonseringen av avtalen, så kan en vel vanskelig si at den er i boks.

Når det gjelder Benin, derimot, så fikk en jo ekslusiv rett til å forhandle i tre måneder. Så da spørs det bare hva de har å tilby og hva slags ordninger de eventuelt kan bli enige om. Her må det vel også evt. tilføres en god del penger.
Viking_I
21.03.2023 kl 10:56 3290

Yemen deal is totally different , Yemen oil ministry cant oppose takeover of OMV Yemen 100% as .if Zenith took 70% stake in OMV and remaining after 1 year. Its total
right of OMV to sell there company whoever they want. it will run as OMV Yemen until S2 block licenses.

Zenith did same in Tunisia with all field. Even
Congo as they run Tilapia for 3 month before license expire.
Redigert 21.03.2023 kl 10:59 Du må logge inn for å svare
Furuen
21.03.2023 kl 11:42 3182

Var det ikke slik at salget i Jemen måtte godkjennes av myndighetene?
Redigert 21.03.2023 kl 13:35 Du må logge inn for å svare
Viking_I
21.03.2023 kl 12:17 3097

But they cant stop sale of OMV to Zenith,
If OMV sale 50% stake to Zenith ...........there will be no objection to ministry.
Deal is fully backed by PM and UAE based firm who handling this transaction for Zenith Al-hutheily. Same happened with another field, Oil ministry rejected it but transaction approved by PM last year.
Yemen deal will generate instant cash for Zenith and need to pay full payment in next 5 years.
Redigert 21.03.2023 kl 12:54 Du må logge inn for å svare
tsu for all
21.03.2023 kl 13:00 3029

skriv Norsk" Viking, " det er dette språket vi bruker , her i Norge
Redigert 21.03.2023 kl 13:01 Du må logge inn for å svare
Billyjojimbob
21.03.2023 kl 13:05 3055

Norge for nordmenn,17 mai & olje,førebels fritt land der en kan skrive som en vil👍🤠
Viking_I
21.03.2023 kl 13:10 3052

Yemen Valuation
30.74 mmbbls *$9.5*0.49*0.5714= $81.76 million ---- Zenith get 28% of total Yemen 2P reserve (as per source 2P reserve is 160 mmbls here considered 30.74 for S2 field )
$81.76- $11million = $70.76 million
$$70.76 million/ 2310.3 shares = $0.031 = kr 0.32
keisam
21.03.2023 kl 15:09 2882

Hva er hensikten med dagens tweet?
Sia
21.03.2023 kl 15:15 2865

Tja, fred i yemen kanskje hvor vi venter på godkjenning
Viking_I
21.03.2023 kl 15:16 2857

here is the answer ............".After Saudi Iran Chinese meeting Yemen is looking more lucrative now."
after peace valuation will reach $20 million field towards $100 million worth.
.
Redigert 21.03.2023 kl 15:21 Du må logge inn for å svare
Viking_I
21.03.2023 kl 16:00 2735

Tunisia ------------------still on Course should be around kr 0.10 now
The following steps are required in order to reach the production capacities as listed in the
Chapman Reports 2023:
Action required in Tunisia:
1. After the consultation of its partner, Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the Issuer has decided to perform sidetracks in two non-producing wells of the Ezzaouia concession. The first side-track will be performed in well EZZ-18. The drilling programme is currently finalized with ETAP. The second side-track has not yet been determined. The described drilling activities will be financed by the Group’s working capital resulting from local production.
2. With reference to the Robbana concession the Issuer completed a workover of the Robbana-1 well in June 2022, which is currently producing at a rate of approximately 30 barrels of oil per day. In summer 2022 the Issuer has selected the well location for the drilling of the Robbana-3-well, whereby the drilling activities will be conducted during the calendar year 2023 and will be funded by the Group’s existing cash reserves.
3. The Issuer Zenith has already obtained market quotations for the required intervention of well EBB3 to restore production from well EBB-3 of the El-Bibane concession. The intervention would amount to approximately USD 3.5 million. In the event of a successful well intervention in EBB-3, the Issuer expects to produce approximately 500 barrels of oil per day from El Bibane.

Official report on Website
https://wp-zenith-2020.s3.eu-west-2.amazonaws.com/media/2023/03/315-033-Base-Prospectus-2023-approved-1.pdf
Redigert 21.03.2023 kl 16:05 Du må logge inn for å svare
Viking_I
21.03.2023 kl 16:23 2695

This is bull ...............
Since the Sidi El Kilani concession in Tunisia expired in December 2022 and the renewal process has not yet been completed and the Issuer is still in its expansion phase in Tunisia , the Group currently mainly relies on revenues generated by the Ezzaouia concession. Additional revenues are received by the two El Bibane and
Robbana concession with little production. Therefore, the Group’s production is mainly driven by the Italian operations and the Ezzaouia concession in Tunisia.

Expecting More Inventory soon around $18million end of March 2023.
Redigert 21.03.2023 kl 16:38 Du må logge inn for å svare
futureistoday
21.03.2023 kl 17:35 2602

The Robbana concession is located onshore on the island of Djerba in the southern Gulf of Gabes and covers 48 square kilometres. Zenith has successfully completed the workover of ROB-1 and expects to begin drilling activities in Robbana during the first quarter of 2023. The Robbana concession is scheduled to expire on 4 November 2034.

Rapporten er 5 dager gammel, og skal en tro det som står her så skal boring av rob-3 skje innen 2 uker for og overholde dette.

Side 45 i rapporten
Redigert 21.03.2023 kl 17:36 Du må logge inn for å svare
Viking_I
21.03.2023 kl 20:02 2452

Main takeaway for me is it is confirmed Ezz with zenith.
futureistoday
21.03.2023 kl 20:13 2429

The Robbana concession is located onshore on the island of Djerba in the southern Gulf of Gabes and covers 48 square kilometres. Zenith has successfully completed the workover of ROB-1 and expects to begin drilling activities in Robbana during the first quarter of 2023. The Robbana concession is scheduled to expire on 4 November 2034.
The Issuer currently produces a net amount of up to 425 STB/d and about 75 barrels and condensate per day in Tunisia.

Her bekreftes daglig produksjon på 425 fat olje og 75 fat gass i Tunisia😊
Blientotre
21.03.2023 kl 20:29 2392

Noen tanker om hvorfor ikke dette børsmeldes??
Gullit
21.03.2023 kl 20:30 2390

Ett bra oljesalg hadde skutt kursen i været. Vi bør ikke ligge der vi ligger no…
Blientotre
21.03.2023 kl 20:45 2408

Action required in Italy:
1. The Issuer plans to drill an offset horizontal well (Masseria Vincelli 2) under the Torrente Cigno concession in the year 2023, when the Issuer expects current production to have fallen to uneconomic levels. The drilling will require four months of work and an investment of approximately EUR 6 million, to be shared between the partners. Out of this amount, the investment of the Issuer should amount to approx. EUR 2.5 million, and a decision as to how to fund this will be made closer to the time – but will likely be financed from the proceeds for Notes issued under this Programme.
2. The Issuer plans to reactivate the Sant’Andrea natural gas production concession, in which the Issuer holds a 40 per cent working interest. The Issuer will bear the full costs of approximately EUR 20,000 for the reactivation of the concession. After the finalization of the administrative obstacles, the Issuer expects to commence production during the first quarter of the calendar year 2023.
3. The Masseria Grottavecchia Concession is currently not producing. Due to the increased revenue generations from its Italian energy production operations, the Issuer intends to construct a natural gas treatment plant at the surface of the concession for an amount of approximately EUR 900,000.
4. The Issuer also intends to reactive the currently non-producing San Teodoro concession and to re- complete the existing ST-1D-well and has budgeted approximately EUR 600,000 to fund the well intervention as well as to fund the installation of new natural gas treatment infrastructure.
All the development and production plans are certainly deeply influenced by the success of drilling, the existence of estimated reserves and the presence or absence of structural impediments, geological and operational risks that are inherent in the oil & gas industry.
Blientotre
21.03.2023 kl 20:53 2384

Between 1 April 2022 and 30 September 2022, the Issuer
o produced 90,591 barrels of oil from its Tunisian assets,
o sold 79,223 barrels of oil produced from its Tunisian assets,
o sold 5,309 MWh of electricity produced from its Italian asset,
o sold 5,623 Mcf of natural gas produced from its Italian assets and o sold 137 barrels of condensate produced from its Italian assets.

Her er jo svaret på at det har blitt produsert og solgt olje fram til november😃

Dette er produsert og solgt etter forrige børsmeldte salg på 62.000 fat som ble solgt 1. april.

Wow, nå kjenner jeg på en stor lettelse - og ikke minst stor tro på en kraftig vekst.
Redigert 21.03.2023 kl 20:59 Du må logge inn for å svare
Billyjojimbob
21.03.2023 kl 21:27 2388

Når det meldes substans har kursen tendens til å gaine fett👍
Blientotre
21.03.2023 kl 21:32 2420

Vi snakker oljesalg for rundt 120-140millioner - nå har vi ikke eksakte priser på siste salg.

Men bare oljen er tett opp mot å være på samme verdi som børsverdien..
Redigert 21.03.2023 kl 21:33 Du må logge inn for å svare
Allroad18
21.03.2023 kl 21:42 2423

Hvem eller hva er det som handler her inne for tiden? De som er litt seriøse tror jeg sitter i ro, mens det er mikroskopiske bevegelser i kursen. Det er jo rett og slett kun de som tjener på kurtasjen som sitter igjen med penger her! Nå må spleisen komme og nyhetene eksplodere! Denne mikroøretrillingen er rett og slett en vits og en hån mot vi som er seriøse og langsiktige. Nå må ledelsen sette inn et annet gir og vise hva de duger til! Mye surr og synsing her inne som vanlig. Kursen burde vært 0,10 idag, og ikke halvparten. Det som er synd er at når, eller hvis, nyheter kommer, så er vi tilbake til start...
Redigert 21.03.2023 kl 21:53 Du må logge inn for å svare
Slettet bruker
21.03.2023 kl 21:46 2434

Litt snodig at olje er solgt i det stille ...
Den er kansje solgt forløpende ....
Blientotre
21.03.2023 kl 21:49 3139

Eller det er bevist holdt tilbake?

En viss AC fikk i hvertfall kjøpt seg mange nye billige aksjer.
Redigert 21.03.2023 kl 21:50 Du må logge inn for å svare
Slettet bruker
21.03.2023 kl 21:53 3282

Minste kurtasje hos Nordnet er 29 NOK ....
De og andre plukker opp en del penger på gata p.g.a mange småsalg ...

Det blir som å pante poser med tomme øl bokser i Norge ....
Slettet bruker
21.03.2023 kl 22:02 3255

Det er litt snodig fordi Don AC somler normalt ikke med å servere gode nyheter ...

Tunisia kan raffinere litt olje selv ..

Zenith sin prod er ikke all verden ....
Kansje mere lønnsomt å få solgt det fortløpende ...
Blientotre
21.03.2023 kl 22:13 3219

Produksjonen er ikke all verden, men om du sammenligner dens inntekt mot børsverdi, så et den langt forbi mange aksjer på markedet.

Ut fra nyheten om siste oljesalg.
Slettet bruker
21.03.2023 kl 22:41 3226

Ett å gravd litt mere i dette "prospectus" fant jeg noe intressant ...

The completion of the acquisition remains conditional on the approval of the competent
authorities in Yemen. At the date of this Prospectus, it is not possible to predict whether
the competent authorities in Yemen will approve

Godt å se at noen har ett mere jordnært syn på dette eventyret en enkelte andre ...

De som har skrevet dette "prospectus" mangler også litt bakkekontakt på andre områder.

An application has been submitted by ETAP and Zenith Africa for a new 20-year concession
for Ezzaouia. The new Concession is currently awaiting parliamentary approval.

Tunisia har ingen nasjonalforsamling ...
Selv ikke gudene vet når de er tilbake på jobb ...

keisam
21.03.2023 kl 23:00 3195

Trenger 35 mill. for 500 fat dagen i El-Bibane og litt mere til utvikling i Italia.
Viking_I
22.03.2023 kl 05:27 3115

Yemen until Zenith get final approval report writing company can not say anything. Report written in Feb 2023 and first week of March. Expect more things in annual report ending march 2023.
Ezz is waiting parliamentary approval from 2020 but 45% oil income is zenith.
Redigert 22.03.2023 kl 05:34 Du må logge inn for å svare
Viking_I
22.03.2023 kl 05:31 3107

Everyone knows this from long time. As it is mentioned in annual and half year report.
Redigert 22.03.2023 kl 05:31 Du må logge inn for å svare
Viking_I
22.03.2023 kl 09:04 3000

after yesterdays report someone forgot to remove 0.06 order.
Expecting course to drive upto kr 0.1 pre tilapia level. As there are some doubt on Tunisia licenses but after this report all are normal. There was Zero income form Tilapia from July 2020 to Zenith.

After yesterdays report valuation for Tunisia back to kr 0.14 also Italy kr 0.11. reduce due to share issued in Feb 2023.

"The Issuer currently produces a net amount of up to 425 STB/d and about 75 barrels and condensate per day in Tunisia." Page 45
Company earning $1.1 million / month in Tunisia.

Oil Sale announcement will change whole scenario here.
Redigert 22.03.2023 kl 09:11 Du må logge inn for å svare
patek5146
22.03.2023 kl 09:11 2996

Doesn’t matter about selling orders, someone needs to buy, and as it is now nobody is buying, almost a million for sale at 0,059
Viking_I
22.03.2023 kl 09:12 3207

Syndicate come here now to buy cheap, who will sell this level now........................
Viking_I
22.03.2023 kl 09:15 3211

basic not change .............they can create pressure or buy and sell themselves. it right time to buy as Benin will announce any time before Easter. Also Tunisia is producing 500 barrel/d ...........