Zenith Energy Signs Cooperation Agreement for New Acquisitions in MENA Region
Zenith Energy Ltd. has announce that it has entered into a cooperation agreement with Fleet Oil & Gas S.A., a privately owned oil and gas company led by the former Egyptian Petroleum Minister, His Excellency Eng. Mahmoud Latif Amer. Fleet is headquartered in Dubai, United Arab Emirates and has a representative office in Cairo, Egypt. The purpose of the CA is to jointly identity and pursue oil and gas production and exploration acquisitions in the Mediterranean, the Middle East and Africa.
Under the terms of the CA, Zenith and Fleet will jointly identify certain potential acquisition opportunities and conduct due diligence on any transaction that is deemed to be a suitable potential acquisition. In the event a Potential Acquisition is mutually approved and taken forward following the completion of a satisfactory due diligence exercise, the Parties have agreed to enter into a joint venture agreement to be made by way of a newly incorporated vehicle, which will be subject to a separate agreement at the time.
The Company is pleased to confirm that the Parties are reviewing a number of Potential Acquisitions, both operated and non-operated, with a production rate in excess of 2,000 barrels of oil per day.
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