TIDMZEN
RNS Number : 1926A
Zenith Energy Ltd
18 January 2024
January 18, 2024
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on United States portfolio
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB : ZENAF ) , the
listed international energy production and development company with
a focus on opportunities in Central Asia and the US, is pleased to
provide an update regarding the development of Cyber Apps World
Inc. ("CYAP"), a U.S. listed company of which Zenith acquired
majority control by way of a Securities Purchase Agreement in
August 2023, and the Company's previously announced business
development activities in the US.
First Acquisition in the US onshore oil and gas space completed
by CYAP
On January 16, 2024, CYAP announced that its subsidiary, CYAP
Oil, LLC, had successfully bid at auction for a 5% royalty interest
in a package of seven (7) producing wells located in the Eagle Ford
Shale, Lavaca County, Texas.
This represents CYAP's first transaction in the US energy
production and development sector and is, in line with Zenith's
strategy for CYAP, a shift away from software development towards
identifying and acquiring opportunities in the US energy and
production development sector.
CYAP has confirmed that further acquisitions of this kind,
specifically royalties in non-operated oil and gas production
leases, are planned.
Change of name to Leopard Energy, Inc.
In view of the change in strategic direction away from software
development, CYAP has elected to change its name to Leopard Energy,
Inc.
It is expected that the name change will become effective once
all the necessary regulatory formalities are completed.
Update on US acquisitions announced by Zenith during 2023
The Company confirms that, following the acquisition of CYAP in
August 2023, it has discontinued and terminated the three separate
transactions announced to the market on June 2, 2023, July 5, 2023,
and August 3, 2023, respectively.
Andrea Cattaneo , Chief Executive Officer, commented:
"We are pleased that CYAP has now completed its first
acquisition in the US oil and gas space. The acquisition of a
non-operated oil and gas production royalty delivers immediate
monthly cashflow and will enable an attractive payback of the
initial investment.
It our intention that CYAP's first acquisition be followed by
various other similar acquisitions in an incremental manner,
following geological, financial, and legal due diligence, to
achieve 'critical mass' and build a balanced, revenue generating
and profitable portfolio.
We believe CYAP will attract financial support from US capital
markets as the benefits of implementing an accretive growth
strategy centred on purchasing interests in non-operated oil and
gas production leases, during a period of favourable energy prices,
becomes increasingly apparent ."
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), the Euronext Growth of the Oslo Stock Exchange (OSE:
ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF).
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
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
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END
PFUUWOORSRUAAAR
(END) Dow Jones Newswires
January 18, 2024 08:40 ET (13:40 GMT)
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