Zenith Energy Ltd Financing of Drilling Campaign

Zenith Energy Ltd (LON:ZEN), the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, has today announced that it has completed a placing of new units, with each Unit comprised of one ordinary common share of no par value in the capital of the Company and one full common share purchase warrant, exercisable within 12 months at an exercise price of CAD$0.10. Each Unit was issued at a price of CAD$0.04 (approximately equivalent to £0.025).

Pursuant to the Placing, Zenith has issued a total of 43,012,500 Common Shares and 43,012,500 Warrants, to raise gross proceeds of CAD$1,720,500 (approximately £1,075,000 or NOK 11,407,600).

The Placing has received conditional approval from the TSX Venture Exchange. Application has also been made for the Common Shares to be admitted to trading on the Merkur Market of the Oslo Børs.  

An application for the Common Shares to be listed on the standard segment of the FCA Official List and to be admitted to trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue of the Common Shares.

The Company intends to use the proceeds of the Placing to fully fund the execution of well deepening operations in wells C-37 and C-30.

Total Voting Rights

The Company wishes to announce, in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the following information following Admission of the Financing Common Shares:

 Class of share Total number of shares Number of voting rights per share Total number of voting rights per class of share 
Common shares in issue and admitted to trading on the Main Market of the London Stock Exchange          258,404,153 1         258,404,153 
Common shares in issue and admitted to trading on the TSXV           355,421,225 1           355,421,225 
Common shares in issue and admitted to trading on the Merkur Market of the Oslo Børs           355,421,225 1           355,421,225 

No shares are held in treasury. The above figure for total number of Common Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

“I am confident that a positive result in C-37 and C-30 drilling operations will be transformational for Zenith’s development. I am grateful to the shareholders who participated in this placing which ensures that we are now fully funded for the completion of well deepening operations in the Jafarli field.

I look forward with great excitement to reporting on progress of C-37 well deepening operations in due course.”  

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