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Oilman Jim's Private Blog


Zenith Energy - Acquisition of AAOG Congo

Zenith Energy Ltd., ("Zenith" or the "Company"), (LSEZENTSX.VZEE; OSE: ZENA-ME), the international oil & gas production company, is pleased to note the passing of the resolution by the shareholders of Anglo African Oil & Gas plc ("AAOG") to approve the sale of 80 percent in Anglo African Oil & Gas Congo SAU ("AAOG Congo") to Zenith (the "Acquisition") at the general meeting held earlier today.

As announced on January 6, 2020, Zenith will make available a loan to AAOG of £250,000 with effect from January 25, 2020.  The Acquisition remains subject to certain regulatory requirements in the Republic of the Congo.("Completion").

The term sheet for the Put and Call Option announced earlier today remains subject to and a final agreement and an announcement will be made on this in due course.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased to have passed the major hurdle in our acquisition of a controlling stake in AAOG Congo and look forward to completing the Acquisition in due course." 

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