Page 18 - AfrOil Week 36

AfrOil NEWS IN BRIEF AfrOil

“Having only launched our sustainable divi- the state oil company.
dend policy in Q3 2019, we’re delighted to have “We are also very pleased to have increased
now declared three dividend payments within our presence in Tunisia; a safe, democratic
the last 12 months, returning $4.2m in total to jurisdiction with a long-established history of
shareholders. This latest interim dividend also successful oil and gas production activities for
represents a 20% increase year-on-year from independent companies such as Zenith. The
our inaugural dividend in September last year Company has developed a very constructive
and demonstrates how our sustainable business relationship with CNPCI, and we look forward
model can withstand these global economic to exploring further opportunities for mutual
shocks. cooperation in due course.”
“Looking ahead to the second half of 2020, Zenith Energy, September 08 2020
with Tanzania now returning gradually to busi-
ness-as-usual and following unprecedentedly Kariya Energy to acquire oil
high levels of rainfall in the H1-2020, we expect
to see an increase in demand for natural gas dur- and gas assets in various
ing the remaining part of this year.
“Responsible and sustainable growth that African locations
creates value for all our stakeholders remains our
priority. We are proud to be a Tanzanian busi- North American Kariya Energy announced
ness that is committed to playing a leading role in today that it will enter into various definitive
closing the country’s energy access gap through agreement to acquire upstream and midstream
low-carbon solutions as it seeks to deliver uni- Consultatif des Hydrocarbures (CCH) of the oil and gas assets in African countries.
versal access by 2030. Through the provision of Republic of Tunisia in respect of the transfer of Kariya Energy’s technical and financial
reliable, affordable and low-carbon power we the Seller’s right, title and interest in and under strength puts it in a position to bring Canadian
have a significant opportunity to deliver trans- the SLK Concession to Zenith Netherlands. and American ingenuity into the growing oil and
formational change for the people of Tanzania Upon Completion of the Tunisian Acquisi- natural gas market in Africa.
and to support the ongoing socio-economic tion, the Company’s working interest in SLK will Kariya Energy and its management team’s
development of the country.” equate to a daily production of approximately engagements and experience with various deep
Wentworth Resources, September 04 2020 300 barrels per day (bpd) of oil. and shallow water projects in Mozambique,
The Tunisia Acquisition is Zenith’s second Nigeria, Senegal, the Democratic Republic
acquisition in relation to SLK and enlarges the of Congo (DRC), the Republic of Congo and
INVESTMENT Company’s total conditional interest in the Tuni- Gabon makes these countries great investment
sian Acquisition to 45%. On April 20, 2020, the possibilities. After spending 16 months review-
Zenith Energy acquires Company announced to the market that it had ing data from various IOCs, Kariya Energy will
signed a conditional SPA to acquire the working be pursuing acquisitions of various exploration
interest in Sidi El Kilani interest of KUFPEC (Tunisia), a 100% subsidiary and development plays either through Farm-in
deals or operatorship through risk service con-
of Kuwait Foreign Petroleum Exploration Com-
from CNPC pany KSCC, a subsidiary of the State of Kuwait’s tracts, or direct negotiations with sovereign
national oil company, in relation to the Tunisian governments.
Zenith Energy has announced that its wholly Acquisition. Kariya Energy will continue with its current
owned subsidiary Zenith Energy Netherlands The Company is expecting regulatory and ongoing support by providing technical,
has signed a conditional sale and purchase agree- approval from the CCH in relation to the Tuni- financial, and operational support for oil and
ment (SPA) with CNPC International (Tuni- sian Acquisition from KUFPEC in due course. gas companies currently operating in Nigeria,
sia), a 100% subsidiary of CNPC International As previously announced, Zenith has already Congo and Gabon.
(CNPCI), for the acquisition of a working inter- engaged an independent qualified reserves eval- Kariya Energy’s strategy has focused on the
est in, inter alia, the North Kairouan permit and uator to produce a new Competent Person’s innovation and evaluation of new opportunities
the Sidi El Kilani Concession, which contains the Report in compliance with Canadian securi- for resource extraction with great technology
Sidi El Kilani oil field (SLK). ties laws, specifically the COGE Handbook that has produced results.
The Seller holds an undivided 22.5% interest and National Instrument 51-101 - Standards of Kariya Energy will pursue profitable small-
in the Tunisian Acquisition, together with 25 Disclosure for Oil and Gas Activities, in order scale LNG projects across Africa, a niche that its
Class B shares in Compagnie Tuniso-Kowei- to obtain an updated reserves evaluation for the leadership has been skilful in building and mak-
to-Chinoise de Pétrole (CTKCP), the operator, Tunisian Acquisition. ing it profitable and scalable, boasting signifi-
representing 25% of the issued share capital of Andrea Cattaneo, Chief Executive Officer, cant potential across the African market. With
the company. commented: “We are delighted to have con- its technology, Kariya can turn around African
The Seller has agreed to sell, assign and trans- cluded this transaction with CNPCI. The Board small-scale LNG and work with partners in
fer to Zenith Netherlands the Tunisian Acquisi- of Directors is highly satisfied with the favour- addressing off-grid power generation for indus-
tion on the terms and subject to the conditions able commercial terms agreed in relation to trial and residential needs in remote locations
set out in the SPA. The consideration payable by Tunisian Acquisition. Upon Completion, the and deal with issues around energy poverty.
Zenith Netherlands under the terms of the SPA Company will have material daily production Kariya Energy is an energy firm focused on
is $300,000. revenue and an exciting future in developing the upstream and midstream petroleum industry
Completion of the SPA is conditional Sidi El Kilani asset in partnership with Entre- operations and investment.
on approval being granted by the Comité prise Tunisienne d’Activités Pétrolières (ETAP), Kariya Energy, September 07 2020

P18 www. NEWSBASE .com Week 36 09•September•2020