Page 16 - AfrOil Week 12 2021

AfrOil NEWS IN BRIEF AfrOil

Completion of the SPA remains conditional regulatory approval is received and Completion issue price of AUD0.11per share.
on a favourable opinion being granted by the occurs. The placement price of AUD0.11 per share
Comité Consultatif des Hydrocarbures (CCH) Andrea Cattaneo, Chief Executive Officer represents a 21.4% discount to the last traded
of the Republic of Tunisia and the approval of of Zenith, commented: “We have developed a price of AUD0.14 per share on March 19, 2021,
the Tunisian State represented by the Ministry of very good relationship with CNPC, and I look being the last trading date before the placement,
Industry and Energy in respect of the transfer of forward with enthusiasm to hopefully complet- and a 10.0% discount to the 15-day VWAP prior
CNPCI’s right, title and interest in and under the ing the acquisition of SLK in due course once we to that date.
SLK Concession to Zenith Netherlands. receive a favourable opinion from the CCH and Each investor in the New Shares will also
The Extension has been granted in view of the the approval of the Tunisian State. The Board is be allocated an attaching unlisted option, on a
difficulties caused by the ongoing COVID-19 increasingly confident regarding Zenith Ener- 1-for-2 basis, with an exercise price of AUD0.17
pandemic which have not enabled Completion gy’s establishment in Tunisia which we consider and a three-year term, resulting in a total of
to be achieved. The new Longstop date for Com- a very favourable jurisdiction for oil production 36,363,636 new options being issued. The
pletion of the SPA is November 30, 2021. and development activities.” options are to be issued under the Company’s
The Tunisian Acquisition is Zenith’s second Zenith Energy, March 17 2021 ASX LR-7.1 capacity.
acquisition in relation to SLK and enlarges the Funds received from the placement will total
Company’s total conditional interest in the Tuni- AUD8mn before costs.
sian Acquisition to 45%. PERFORMANCE Proceeds of the Placement will be applied
On April 20, 2020, the Company announced towards: The upcoming 2D seismic campaign in
that it had signed a conditional SPA to acquire DPR identifies key areas of SG 4571; Basis of well design; Long-lead drill-
the participation of KUFPEC (Tunisia), a 100% ing items for the Mzarabani-1 exploration well;
subsidiary of Kuwait Foreign Petroleum Explo- operational excellence for Drilling rig tender preparation; and General
ration Co., a subsidiary of the State of Kuwait’s working capital.
national oil company, in relation to the Tunisian oil and gas industry Invictus Energy, March 23 2021
Acquisition. The Company can confirm that it
is currently in negotiations with KUFPEC to The Department of Petroleum Resources (DPR) Nigeria’s Seplat Petroleum
formalise a similar extension to that agreed with has identified six key areas of operational excel-
CNPCI. lence for Nigeria’s oil and gas industry, urging reveals plans for proposed
Under the terms and subject to the conditions stakeholders to build a culture in these specific
of both conditional sale and purchase agree- areas. Sarki Auwalu, Director, DPR, disclosed bond issue
ments entered into with CNPCI and KUFPEC this on Thursday, during his keynote address
for the acquisition of their respective partici- at the 2021 Oloibiri Lecture Series and Energy Seplat Petroleum Development Co. Plc, a lead-
pations in relation to the Tunisian Acquisition, Forum (OLEF). ing independent indigenous upstream oil and
which are subject to (i) the Comité Consultatif The event was organised by the Society of gas company operating in Nigeria and rated
des Hydrocarbures (CCH) of the Republic of Petroleum Engineers (SPE) Nigeria Council. B2 by Moody’s, B by S&P and B- by Fitch, has
Tunisia expressing a favourable opinion and (ii) Auwalu listed the key areas as health, safety mandated Citi, J.P. Morgan, Standard Bank and
the approval of the Tunisian State represented and environment; cost performance and return Standard Chartered Bank as Joint Global Coor-
by the Ministry of Industry and Energy, the eco- on capital for all stakeholders across all assets, as dinators and Natixis, Rand Merchant Bank and
nomic date (EC) has been fixed as April 1, 2020. well as use of appropriate and consistent stand- Société Générale as Joint Bookrunning Manag-
As of February 28, 2021, the total amount of oil ards across the entire business. ers to organise a Global Investor Call at 3:00pm
held in storage in line with the EC is approxi- DPR, March 18 2021 UKT on 22 March 2021 along with a series of
mately 65,000 barrels of oil. 1x1 meetings with fixed income investors. A
The Company will have greater visibility on benchmark 5NC2 year US dollar-denominated
the total amount of oil held in storage when local FINANCE Regulation S/Rule 144A senior unsecured guar-
anteed notes offering will follow, subject to mar-
Invictus Energy completes ket conditions. Use of proceeds will be to redeem
the existing Seplat 2023 notes, repay drawings
AUD8mn placement under the Revolving Credit Facility, for general
corporate purposes, and to pay transaction fees
Invictus Energy has received firm commitments and expenses.
from new and existing institutional and sophisti- Seplat Petroleum is Nigeria’s leading indig-
cated investors to raise AUD8.0m (before costs) enous energy company. It is listed on the Pre-
by way of a share placement. Invictus received mium Board of the Nigerian Stock Exchange
strong interest and support from both new (NSE: SEPLAT) and the Main Market of the
institutional investors and existing sharehold- London Stock Exchange (LSE: SEPL).
ers, PAC Partners acted as lead manager to the Seplat is pursuing a Nigeria-focused growth
Placement. strategy and is well positioned to participate
Under the Placement, Invictus will issue in future asset divestments by international oil
25,058,198 new fully paid ordinary shares under companies, farm-in opportunities, and future
the Company’s remaining ASX LR-7.1 capacity licensing rounds. The Company is a leading
and 47,669,075 New Shares under the Compa- supplier of gas to the domestic power generation
ny’s additional ASX LR-7.1 A placement capac- market.
ity, for a total of 72,727,273 New Shares, at an Seplat Petroleum, March 22 2021

P16 www. NEWSBASE .com Week 12 24•March•2021