Compagnie Du Desert (CDD), Zenith Energy’s fully-owned subsidiary, has completed the acquisition of a 100% interest in the fully-owned subsidiary of Candax Energy in Barbados, Ecumed Petroleum Tunisia (EPT), which holds a 100% interest in the El Bibane and Robbana concessions in Tunisia
Pursuant to the terms of the SPA, CDD acquired 100% of the issued share capital of EPT for a nominal consideration of US$100 payable at completion, as well as an additional consideration of approx. US$200,000 in the form of assumption of debt payable by the end of May 2021.
Andrea Cattaneo, CEO of Zenith, commented that the acquisition of the El Bibane and Robbana concessions enables Zenith to hold an enlarged portfolio with a daily production of crude oil, natural gas and condensate in Tunisia.
“The company’s focus will now turn towards beginning to exploit the significant untapped hydrocarbons production potential of our newly acquired Tunisian assets.
An update in this respect will be provided in due course once we have finalized our operational working program,” Cattaneo added.