TIDMZEN

RNS Number : 5500Q

Zenith Energy Ltd

18 October 2023

October 18, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Seizure on SMP's bank account

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to provide an update on the legal claim undertaken by its fully owned subsidiary, Anglo African Oil & Gas Congo S.A.U ("AAOGC"), against SMP Energies ("SMP", formerly Société de Maintenance Pétrolière - SMP) the rig contractor that performed drilling services in wells TLP-103 and TLP-103C of the Tilapia oilfield during 2018-2019, in the Paris Commercial Court (the "Court").

On July 3, 2023, the Company announced by way of regulatory news the Court's rejection of SMP's request for a stay of proceedings in France , stating that SMP's request contained "all the characteristics of a dilatory request" and ordered SMP to pay an amount of EUR 30,000 to AAOGC as compensatory damages for its abusive procedural behaviour (the "Damages Payment"). The Court's decision was immediately enforceable.

SMP has failed to comply with the Court's Order by refusing to voluntarily pay the Damages Payment.

As a result, the Company has enforced the Court's decision and performed a seizure in the amount of the Damages Payment on a bank account of SMP in France.

The Company will continue to vigorously pursue its claim in the Paris Commercial Court with the next hearing scheduled to take place on October 27, 2023.

Further Information:

 
Zenith Energy Ltd 
                                       Tel: +1 (587) 315 1279 
 Andrea Cattaneo, Chief Executive      E: info@zenithenergy.ca 
 Officer 
Allenby Capital Limited - Financial  Tel: + 44 (0) 203 328 5656 
 Adviser 
 
 Nick Harriss 
 
 Daniel Dearden-Williams

Notes to Editors :

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa and Europe, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).

Zenith's strategic focus is on pursuing development opportunities through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production.

   For more information, please visit:   www.zenithenergy.ca

Twitter: @zenithenergyltd

   LinkedIn:   https://bit.ly/3A5PRJb

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBGBDGBGBDGXI

(END) Dow Jones Newswires

October 18, 2023 06:01 ET (10:01 GMT)

Zenith Energy (LSE:ZEN)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025 Click aqui para mais gráficos Zenith Energy.
Zenith Energy (LSE:ZEN)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025 Click aqui para mais gráficos Zenith Energy.