Zenith closes Tunisian deal
Zenith Energy has closed a deal with fellow Canadian explorer Candax Energy to buy two concessions in Tunisia, the company reported on May 12.
Zenith signed the share purchase agreement at the end of April. It covers 100% interests in the mature El Bibane and Robbana concessions, where the company wants to boost oil recovery and potentially produce commercial gas. Zenith paid $100 in cash and will assume $200,000 of debt in return for the assets.
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"We are very pleased to have now formally completed the acquisition of the El Bibane and Robbana concessions which enables Zenith to hold an enlarged portfolio with a daily production of crude oil, natural gas and condensate in Tunisia," Zenith CEO Andrea Cattaneo said. "The company's focus will now turn towards beginning to exploit the significant untapped hydrocarbons production potential of our newly acquired Tunisian assets. An update in this respect will be provided in due course once we have finalised our operational working programme."