Zenith Energy Ltd. Has announced that it has now completed the acquisition of a 100 percent interest in the fully owned subsidiary ,of Candax Energy Limited, Ecumed Petroleum Zarzis Ltd (EPZ), which holds a 45% interest in the Tunisian onshore Ezzaouia Concession.

Pursuant to the terms of the SPA, ZEAL has acquired 100% of EPZ for the aggregate amount of $150,000, which has now been paid, as well an additional $100,000 to be satisfied by the issue of ordinary shares in the share capital of Zenith to be issued within sixty days of completion (Consideration Shares) and a royalty payable and calculated as $0.35 per each barrel of hydrocarbons produced from the Ezzaouia Concession and allocable to EPZ, with the royalty not being less than an amount of US$50,000 per annum for a period of ten years.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented: “We are very pleased to have achieved successful completion of this transaction which gives Zenith monthly oil production revenue of approximately $400,000.

“Ezzaouia has significant unexploited potential which we intend to develop progressively via a combination of workover and drilling activities to be commenced following consultation with our partners in the very near future.

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Source: PetroleumAfrica