Page 14 - AfrOil Week 47 2021

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT
Zenith Energy announces

acquisition of 100% stake
in SLK from CNPC

Zenith Energy, the Africa-focused produc-
tion and development energy company, has
announced that Zenith Overseas Assets Hold-
ings (ZOA), its fully owned subsidiary, has
entered into a share purchase agreement (SPA)
for the acquisition of a 100% interest in the
issued, allotted, outstanding and fully paid-up
share capital of Canadian North Africa Oil &
Gas (CNAOG), previously named CNPC Inter-
national (Tunisia), a 100% subsidiary of CNPC
International.
CNAOG holds an undivided 22.5% interest
in the North Kairouan permit and the Sidi El
Kilani (SLK) Concession in Tunisia, together its wholly-owned subsidiary Tower Resources update for the year to date.
with 25 Class B shares in Compagnie Tuniso-Ko- Cameroon. The CPR was compiled by CGG, a well-
weito-Chinoise de Pétrole (CTKCP), the opera- The Cameroon Petroleum Code provides known independent third-party reserves audi-
tor, representing 25% of the issued share capital that approval of a transaction of this type should tor. The updated Nigeria CPR is available to
of CTKCP. Pursuant to the terms of the SPA, be provided by the Minister of Mines, Industry download from the Company’s website.
ZOA has acquired CNAOG for a consideration and Technological Development (MINMIDT) Andrew Knott, CEO of Savannah Energy,
of $1,658,680, paid by the Company upon com- within 60 days of September 21, 2021, when it said: “I am extremely pleased to announce the
pletion. As at the Completion date, the volume was formally requested, which means by Sat- publication of our updated CPR covering the
of crude oil produced from the Concession and urday, November 20, 2021. To date, Tower has Company’s asset in Nigeria, showing a 27%
allocated to and received by CNAOG, which has received no objection to the transaction, nor organic increase in Group 2P reserves. This pro-
not been sold or otherwise disposed of, amounts any further request for information from MIN- gression shown in the heart of our business has
to approximately 30,000 barrels of crude oil. MIDT, and whilst Tower believes that the condi- been replicated in our financials as we maintain a
The Company confirms that the terms of the tions for the approval have been met, Tower is yet positive year of growth with total revenues up 7%
SPA constitute a new transaction, and are in full to receive a formal letter (a “decret”) confirming against the same period last year as we reiterate
and final replacement of the terms previously MINMIDT’s approval of the transaction. guidance for 2021.
outlined in Zenith’s announcement dated Sep- While the Company waits for a formal decret, “Operationally, we have successfully drilled
tember 8, 2020. Beluga continues to work on its financing pro- and completed the Uquo-11 gas production well,
Andrea Cattaneo, Chief Executive Officer cess, and the Company continues to work with below budget and at a significantly lower cost
of Zenith, commented: “The Board is delighted the intended rig provider and service companies than previous Uquo wells drilled by our subsidi-
to have now completed Zenith’s acquisition of on the schedule and terms for the NJOM-3 well. ary company. We look forward to continuing our
an equity stake in the SLK concession, provid- Tower Resources, November 22 2021 positive progress through the rest of the year and
ing Zenith with immediate additional daily we expect to update shareholders as to progress
production revenue in Tunisia and an exciting made in relation to the Proposed Acquisition (as
future in developing SLK which has significant UPSTREAM defined below) when appropriate. We remain
unexploited potential. The Company will now confident in our Company’s outlook.”
begin investing technical management time and Savannah Energy Key Highlights, Updated Competent Per-
resources towards the performance of targeted sons Report for Nigeria: Certification by CGG
field rehabilitation and drilling activities to grad- announces updated Nigeria of 108.6mn boe 2P Reserves (2019 CPR: 85.5mn
ually increase production from SLK.” boe) with additional 99.7mn boe 2C Contingent
Zenith Energy, November 22 2021 CPR and financial and Resources (2019 CPR1: 98.0mn boe); Significant
27% increase to Gross Uquo 2P Reserves driven
Tower Resources provides operational update by the new Pre-Stack Depth Migration (PSDM)
re-processing/re-interpretation of the Uquo 3D
Cameroon farm-out update Savannah Energy, the African-focused Brit- seismic survey and better than prognosis from
ish independent energy company sustainably the newly drilled Uquo-11 well; and Nigerian
Tower Resources, the AIM-listed oil and gas developing high quality, high potential energy Assets gross NPV10 of $1.2bn assessed by CGG
company with its focus on Africa, has provided projects in Nigeria and Niger, has announced the (NPV10 net to Savannah of $954m).
the following update regarding its farm-out to publication of an updated Competent Person’s Financial Highlights: Total Revenues up 7%
Beluga Energy of a 49% non-operating working Report (CPR) covering the Company’s assets in year on year to $192.5mn for the 10 months
interest in its Thali Production-Sharing Con- Nigeria, whereby Gross 2P Reserves increased ended October 31, 2021 (year-to-date period
tract (PSC) in Cameroon, conducted through 27%, together with a financial and operational ended October 31, 2020: $180.2mn).

P14 www. NEWSBASE .com Week 47 24•November•2021