February 25, 2019 / TheNewswire / Calgary, AB – Zenith Energy Ltd. (“Zenith” or the “Company“) (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME) the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that its Chief Executive Officer & President, Mr. Andrea Cattaneo, has advised the Company that he purchased a total of 786,689 common shares of no par value (“Common Shares“) in the capital of the Company at a total average price of ?0.03 per Common Share on February 20, 2019. 250,000 Common Shares were purchased on the London Stock Exchange at a price of ?0.03 pence per Common Share and 536,689 on the Oslo Boers at NOK 0.36 (approximately ?0.03) per Common Share.
Following the aforementioned dealings, Mr. Cattaneo is directly beneficially interested in a total of 19,609,622 Common Shares in the capital of the Company, representing 8.66 per cent of the total issued and outstanding common share capital of the Company admitted to trading on the Main Market of the London Stock Exchange, and representing 7.53 per cent of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Boers.
As announced on December 15, 2017, Mr. Cattaneo is indirectly interested in a total of 1,250,000 Common Shares, today representing 0.55 per cent of the Company’s issued and outstanding common share capital admitted to trading on the Main Market of the London Stock Exchange, and representing 0.48 per cent of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Boers.
Return of Common Shares pledged as third-party guarantor for the Company
As announced by the Company on January 7, 2019, the non-convertible loan agreement announced on April 5, 2018, was repaid in full on December 19, 2018.
Mr. Andrea Cattaneo had acted as a third-party guarantor in support of the Company by pledging a total of 3,571,428 common shares in the Company, in which he has a direct beneficial interest, as collateral to the lender.
The aforementioned common shares will now be returned to Mr. Andrea Cattaneo as the Loan Facility has been settled.
Zenith Energy Ltd
Chief Executive Officer
Tel: +1 (587) 315 9031
Optiva Securities – Broker
Tel: + 44 (0) 203 981 4179
Allenby Capital Limited – Financial Adviser
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London Stock Exchange (LSE:ZEN). In addition, the Company’s common share capital was admitted to trading on the Merkur Market of the Oslo Boers (ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Boers.
The Company was assigned a medium to long-term issuer credit rating of “B+ with Positive Outlook” on October 8, 2018 by Arc Ratings, S.A.
The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Azerbaijan Republic, in 2016.
The Company’s primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company’s Italian operations produce natural gas, condensate and electricity.
Zenith’s development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector. The Company’s Board of Directors and senior management team have the experience and technical expertise to develop the Company successfully.