Petroleum Africa
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Thursday, May 28, 2020
Zenith Energy, the international oil & gas production company focused on African development opportunities, has announced that the TSX Venture Exchange (‘TSX-V’) has confirmed that effective at the close of business Friday, May 29, 2020, the common shares of the Company will be delisted from the TSX-V at Zenith’s request.
As announced on April 22, 2020, following the Company’s dual listing on the Main Market for listed securities of the London Stock Exchange (‘LSE’) in January 2017 and the admission of its entire share capital to the Merkur Market of the Oslo Stock Exchange in November 2018, the Company has seen its investor base move increasingly towards the UK and Norway, with limited investor support from the Canadian market
Given the aforementioned, and in light of the impact of the COVID-19 pandemic and low oil price environment, the Company has been reviewing its corporate structure to maximize cost control and, following this review, has elected to delist from the TSX-V. The benefits of delisting are expected to result in materially lower administrative costs, greater operational efficiency and management time savings.
Earlier this month, Zenith closed a deal with Anglo African Oil & Gas plc (AAOG) to acquire a 100 percent interest in Anglo’s fully owned subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U (AAOG Congo); the sale gave the company the Tilapia asset. In April, Zenith0 acquired a working interest in, inter alia, the North Kairouan permit and the Sidi El Kilani Concession, which contains the Sidi El Kilani oilfield (SLK).
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