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HomeNewsTunisia: Zenith launches bid to acquire oil production assets

Tunisia: Zenith launches bid to acquire oil production assets

London-listed junior Zenith Energy has made a binding offer to buy a company with 100% interests in two unidentified producing assets in Tunisia, it said in a stock filing on April 21.

The first of the assets produces 80-100 barrels of condensate/day and 5.5-6.0mn ft3/d of natural gas, which is currently re-injected into the formation. One of its wells has suffered tubing string damage and has been temporarily shut-in, but previously produced around 500-600 b/d of oil. Low oil prices and the expense required have prevented the needed repair work from taking place.

The second asset flows 25 b/d of oil. But a recent study carried out by the seller concluded it could be raised to around 200 b/d with extra drilling work, but this work was not undertaken due to low prices.

Zenith will pay $200,000 in cash and debt assumption for the assets.

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