London-listed Zenith Energy Ltd. (ZEN), international oil & gas production company, announced that it has successfully pre-qualified in the 2020 Marginal Field Bid Round, organised by the Nigerian Department of Petroleum Resources. The acquisition is in line with the Company’s strategy of identifying opportunities in Africa. Zenith has recently acquires assets in Tunisia and in the Republic of the Congo.
Andrea Cattaneo, Chief Executive Officer, commented:
“We are very pleased to have successfully
pre-qualified for the 2020 Bid Round with our Nigerian partner. This Bid
Round is an exceptionally rare opportunity for Zenith to acquire at
highly advantageous terms, an underdeveloped,
near-term production asset in the current low oil price environment.
Indeed, the near-term production potential
of certain assets is expected to facilitate the achievement of
financing agreements to support the required acquisition and development
costs necessary to restore commercial production
from these assets. I look forward with great enthusiasm to further
progressing this opportunity.”