Zenith Energy has announced that its wholly owned subsidiary Zenith Energy Netherlands has signed a conditional sale and purchase agreement (‘SPA’) with CNPC International (Tunisia), a 100% subsidiary of CNPC International (CNPCI), for the acquisition of a working interest in, inter alia, the North Kairouan permit and the Sidi El Kilani Concession, which contains the Sidi El Kilani oil field (‘SLK’).

The Seller holds an undivided 22.5% interest in the Tunisian Acquisition, together with 25 Class B shares in Compagnie Tuniso-Koweito-Chinoise de Pétrole (CTKCP), the operator, representing 25% of the issued share capital of the company.

The Seller has agreed to sell, assign and transfer to Zenith Netherlands the Tunisian Acquisition on the terms and subject to the conditions set out in the SPA.

The consideration payable by Zenith Netherlands under the terms of the SPA is US$300,000.

Completion of the SPA is conditional on approval being granted by the Comité Consultatif des Hydrocarbures (‘CCH’) of the Republic of Tunisia in respect of the transfer of the Seller’s right, title and interest in and under the SLK Concession to Zenith Netherlands.

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Source: Energypedia