BAKU, Azerbaijan, Dec.3
By Leman Zeynalova – Trend:
Canada’s Zenith Energy Ltd. has signed a share purchase agreement with AIM quoted Coro Energy Plc (Coro) for the acquisition of Coro's entire natural gas production and exploration portfolio in Italy, Trend reports citing Zenith Energy.
The Acquisition will add material production to the Company's existing Italian operations, resulting in the creation of a significantly enlarged, revenue generating, low-risk production and exploration portfolio.
Coro's Italian portfolio consists of 100 percent working interests in four producing natural gas concessions: Sillaro, Rapagnano, Casa Tiberi and Bezzecca, as well as one production concession which is development ready, S. Alberto. Two exploration concessions, Laura and Santa Maria Goretti complete the portfolio.
The Acquisition will enable Zenith to increase gross production revenue in Italy by approximately 410 percent with an expected yearly gross revenue of approximately €3.6 million (equivalent to approximately £3.08 million; NOK 36.5 million or CAD$5.3 million).
Zenith will become one of the largest natural gas production operators in Italy with a total cumulative production from its Italian portfolio of approximately 55,000 standard cubic meters per day ("scm/day") (approximately 322 barrels of oil equivalent "BOE" per day).
Production is expected to reach 113,000 scm/day following the completion of a series of targeted interventions planned during the next 6-9 months for which all necessary approvals have already been obtained.
Zenith Energy Ltd. is an international oil and gas production company, incorporated in Canada, dual listed on the London Stock Exchange (ZEN) and the TSX Venture Exchange (ZEE). In addition, the Company’s common share capital was admitted to trading on the Merkur Market of the Oslo Børs on November 8, 2018 (ZENA:ME).
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