ZENA - Emisjon


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
fylla12
17.03.2023 kl 08:07 3639

Hva Mr V. skriver er mindre viktig ...

Det blir en aksjespleis i Zenith uansett hva vi mener ...
I mine øyne .. bortkastet bruk av tid og ressurser med mindre de blir pålagt det av Børsen.

Hvis større investorer hadde hatt tro på Zenith ville de ha kjøpt med begge henda ....

Tricky
17.03.2023 kl 08:15 3630

Faktisk god relativ sammenligning med 10 norske eneboliger ( Oslo området da). Tar man en Viking! men litt mer konservativ! Så er det med usolgt olje Tunesien (opp til desember 22) samt en 50 % sannsynlighet for en positiv utfall retsaken i Frankrige dekket markedsverdien på de 100 Mnok.
Tricky
17.03.2023 kl 08:16 3629

Faktisk god relativ sammenligning med 10 norske eneboliger ( Oslo området da). Tar man en Viking! men litt mer konservativ! Så er det med usolgt olje Tunesien (opp til desember 22 netto verdi på 40 USD/fat) samt en 50 % sannsynlighet for en positiv utfall retsaken i Frankrige dekket markedsverdien på de 100 Mnok.
Redigert 17.03.2023 kl 08:17 Du må logge inn for å svare
Mdg1
17.03.2023 kl 08:21 3632

Det kunne man sagt om de ikke hadde løpende utgifter. Nå er Zenith i en fase der de løpende utgiftene er større enn inntektene. De hadde noen gode mnd med skyhøye strømpriser, men de dagene er forbi, så nå dekker ikke lenger inntektene fra Italia sløsing. Derfor er det viktig at de lander en av lisensene de kan få litt produksjon på.
Viking_I
17.03.2023 kl 08:26 3621

https://www.finansavisen.no/energi/2023/03/17/7994511/oljeprisene-tar-seg-noe-opp-fredag
Opec+ do not want oil price below $80.......Europe require gas so its not easy to fully replace Russian gas in short time only option is Norwegian and UK sector. Offshore Tie-in project takes 2 to 5 years t and new builds 5 to 8 years to complete in Norway and UK.
Viking_I
17.03.2023 kl 08:32 3660

They have production upto 110 bopd in Tunisia until 2033 at least, from El-bibane and Robbana, they can go up to 800 bopd there too.
Ezz not considered here again ..............
Italian Electricity is enough to cover half of expenses of company with current rate.
Inventory is $15million worth still with Zenith including $6 million from SNPC not considered France case.
Redigert 17.03.2023 kl 08:33 Du må logge inn for å svare
fylla12
17.03.2023 kl 08:33 3710

Olje på lager som Zenith har i Tunisia burde hvert solgt for lenge siden ..


Tricky
17.03.2023 kl 08:45 3703

Ikke uening i det.
Viking_I
17.03.2023 kl 09:10 3636

Remember PSC is not finalizes in 1 day, they may come to final terms as Zenith twitter handle indicates., now 90 days is finished as 15th march if we considered from 15th Dec.
or if Considered 10th Jan still its less than 3 week to announcement.

buy at 0.06 sell 0.12 and in 3 weeks

Yemen is trump card here ..................kr 0.3
Redigert 17.03.2023 kl 09:14 Du må logge inn for å svare
Viking_I
17.03.2023 kl 12:08 3460

Make robot empty at 0.0579 upto 2 million
Redigert 17.03.2023 kl 12:09 Du må logge inn for å svare

Rart hvordan dine spådommer har droppet fra mange kroner, til nå 0,3kr ved samme avtaler😂
Viking_I
17.03.2023 kl 12:14 3544

No its two things here this is only for Yemen, increase in number of shares on 28th Feb and its for only 2P reserve inform to market for S2 block.

number of shares 2.31 billion
investment $25 million
Considering above numbers we get following valuation

Country 2P Valuation with new number of shares.
Yemen 30 mmbbls - kr 0.298 (S2 field, 2P - 8.39mmbbls to Zenith)
Tunisia 7.77 mmbbls - kr 0.1362
Italy 2.9 mmbbls - kr 0.119
Benin 131 mmbbls - kr 2.51 (after PSC will get exact numbers)
----------------------------------------------------------------
Congo $15 million kr 0.065 (after getting money)
Redigert 17.03.2023 kl 12:40 Du må logge inn for å svare

Uanset hvor mange fantasi tal der gættes på her er fakta som altid : Prisen er og bliver kun hvad andre vil give, og når der absolut ingen købere er til denne tragedie ser vi tydeligt hvad vej det går desværre.

Fader AC må snart til at levere noget håndfast
Viking_I
17.03.2023 kl 14:09 3453

Schedule Oil sale news from Tunisia will take course to kr 0.1.
Redigert 17.03.2023 kl 14:10 Du må logge inn for å svare
RKW
17.03.2023 kl 14:37 3457

Hva vites om eventuellt oljesalg?
Noen som har fått noen svar på henvendelser til Zenith eller den nye omtalte klagemuren?
Viking_I
17.03.2023 kl 14:47 3505

There will be oil sale worth about 15 million until Dec from all 4 field. (Current market Cap)
--

There is strange silence on Tunisia from Zenith from last oil sale in April half year report shows Inventory ..........one simple RNS will clear all doubt, but company do not want answer any emails or make any announcement to market about Tunisia though company fall 40% from year starting.

Redigert 17.03.2023 kl 14:55 Du må logge inn for å svare
kurthelg
17.03.2023 kl 14:48 3515

Ja det går dårlig med kursen for tiden, så får vi glede oss over at freden kan nærme seg i Jemen. Kan gjøre godt for progresjonen til Zena. God helg folkens.
https://www.aftenposten.no/verden/i/dwGAeo/ni-aar-med-krig-kan-snart-vaere-over-i-jemen-usa-er-satt-paa-sidelinjen-i-fredssamtalene

The current state is very similar to the share price we were before the initial Tilapia update. The price on went up 200% in the space of a week. It was also quiet as we were now, as they say buy when others are fearful, right now is the optimum buying opportunity to miltibag your investment. All it will take is Yemen or Benin to be signed and the price will explode.
Redigert 17.03.2023 kl 16:01 Du må logge inn for å svare
jantt
17.03.2023 kl 16:51 3313

it went from 4 øre til 18 øre in 3 weeks. Could it now go from 6 øre to 18 øre in a week then I would be happy, BUT don`t think so. People have learned.
13-14 øre and then I`m out.
You and other have talked about 30 - 50 øre, but that must be a dream.

It really depends on the asset, if better than Tilapia then it will go 24-30 in my view. Currently the stock is valued only on Italy and nothing else.
jantt
17.03.2023 kl 17:26 3253

It was said the same when it was in 9 - 10 øre that Tilapia was not incluted in the share price, any anyway it droped to 6 øre

It is up to AC to deliver now, a new big asset is needed to replace the lost Tilapia asset, which if he manages will make many investors buying at these levels very wealthy. But of course if nothing delivered can drop even further however I am very confident AC will deliver.
Northill
20.03.2023 kl 00:30 2777

Det er vel ikke så veldig lege til man får svaret om Benin.
Yemen kan jo dra ut, men tror det skal gå i boks for de.

Utroligt at en latterlig omsætning på usle 15k kan få kursen 6-7% ned, viser jo at ingen har nogen som helst interesse i dette foretagende længere.
happi67
20.03.2023 kl 09:45 2543

Er ganske logisk. Ingen som har troen på Zenit lenger. Personlig sitter jeg helt rolig og har lagt aksjene i skuffen. Så får tiden vise om det blir gull eller totalt fiasko 🤷
Gullit
20.03.2023 kl 10:41 2445

Trenger en ny avtale for att vinden skal snu nå. Skjønner godt att det ikke frister å kjøpe når du ser kursutviklingen i det siste. Sitter fullastet og venter på bedre tider. Fortsatt sterk i troen på att dette går meget bra tilslutt.
Viking_I
20.03.2023 kl 10:49 2426

Benin announcement can come any time now................Including Yemen after Chinese mediation in Yemen too.
Current share are at through away price.
Tunisia two field still with Zenith after SLK and EZZ uncertennity from company zero announcement regarding it.
Company Page still showing both field with them. Also after many shareholders notify to company regarding EZZ decree showing ETAP -100% and they are not replying to it so field and production still with Zenith........? if not then they are breaking market rules.
Redigert 20.03.2023 kl 10:59 Du må logge inn for å svare

All it takes is Benin or Yemen to be announced and the share price will double in a trading day
Viking_I
20.03.2023 kl 11:01 2405

Expecting more with Yemen around kr0.25 to kr0.30 as production is uprunning. also Correct 2P reserve is more than announced to market Gross -160 mmbbls + half trillion cubic feet gas.
Benin production will decide course but above kr 0.15 to kr 0.5 before production starts.
Redigert 20.03.2023 kl 11:02 Du må logge inn for å svare
Aldara
20.03.2023 kl 11:04 2412

Jeg ser at Benin/Yemen er blitt det nye TILAPIA-halmstrået.. Hjelpes!
Furuen
20.03.2023 kl 11:09 2418

Ja, det er mye moro her, men når sant skal sies, så er de tross alt i reelle forhandlinger når det gjelder Benin. Og 10. april er ikke sååå langt unna.
Redigert 20.03.2023 kl 11:09 Du må logge inn for å svare

10 April synes langt væk hvis den fortsætter med at falde 10% om ugen,
Furuen
20.03.2023 kl 11:27 2430

Omsatt for 45 tusen kr i dag. Det skal jo ikke store summen til for å løfte kursen om det er noen som er interessert i det.
Viking_I
20.03.2023 kl 12:52 2304

Large hidden order to buy 0.0555 - 25000
Redigert 20.03.2023 kl 12:52 Du må logge inn for å svare
Viking_I
20.03.2023 kl 13:51 2294

look like sellers are reduced as Benin time line at conclusion.
Everyone knows Benin and Yemen Value all goes ok price will cross 0.3 in a week before Easter. Worth to take risk of 1 million share at this level, below 0.06 price.
Redigert 20.03.2023 kl 14:04 Du må logge inn for å svare
Sia
20.03.2023 kl 16:43 2143

Her må først rikets tilstand på bordet. Og AC er tyst som graven enda sjappa er minus 40 prosent ish siden nyttår. Når børsmeldinger ikke blir overholdt og ingen forklaringer kommer, så blir kursen deretter.
BMU
20.03.2023 kl 17:37 2060

Before I hoped and wrote for their sake (Zenith), that they will be all right. and eventually will succeed Today I hope for my sake too. I am in so deep that the fall could be disastrous for me. But never give up hope and still believe in positive outcome.I know that it sounds crazy but that believe I had even before I bought my first shares in Zenith.

Det er meget stille fra Svartsyn og Aqualight, er de ute av dansen? Det var to stødige forumdeltagere.

De har sikkert oppdaget HYON + IOX🔥