Zenith Energy Ltd - Participation in 2020 Marginal Field Bid Round
("Zenith" or the "Company")
Overview regarding the 2020 Nigerian Marginal Fields Bidding Round
The overarching goal of the 2020 Bid Round, following a similar initiative completed successfully in 2001, is to stimulate local commercial participation in the Nigerian petroleum industry and thereby create opportunities for domestic economic development.
Further key objectives of the 2020 Bid Round include the following:
· Growing production capacity by increasing the scope of participation in
· Increasing oil and gas reserves through aggressive exploration and development efforts
As part of the 2020 Bid Round guiding principles, there is an expectation that the development of these marginal acreages will engender various opportunities to attract international capital and technological expertise in partnership with local Nigerian companies.
Under the guidelines provided by the DPR for the 2020 Bid Round a marginal field ("Marginal Field") is defined as any field that has been discovered and has been left unattended for a period of not less than ten (10) years from the date of first recovery, or any such field as the President of the Nigerian Federal Government may, from time to time, identify as a Marginal Field.
The 2020 Bid Round is a process comprised of various stages commencing with pre-qualification of the companies with relevant technical and financial capabilities and duly registered in
Non-equity development funding
The Company can confirm that it is progressing in negotiations, first announced to the market on
Further, the Company has also entered into negotiations with two pan-African financial institutions for a loan facility that will be used to fund the acquisition and development of Zenith's growing portfolio in
"Zenith has had ambitions to establish a presence in
Among the 57 Marginal Fields included in the 2020 Bid Round, there are specific assets which are particularly appealing to Zenith, especially on account of their compatibility with our development objectives. Indeed, the near-term production potential of certain assets is expected to facilitate the achievement of financing agreements to support our expansion. We expect the potential award of a Marginal Field, following the 2020 Bid Round process, to happen within 6 months of bid submission.
I look forward to updating the market in due course regarding our very exciting progress in
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Tel: +1 (587) 315 9031
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E-mail: [email protected]
Notes to Editors:
Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically in
This information is provided by RNS, the news service of the
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