BAKU, Azerbaijan, Dec.30
By Leman Zeynalova – Trend:
Chief Executive Officer and President of Canada’s Zenith Energy company Andrea Cattaneo has advised the company that he purchased a total of 325,000 common shares of no par value in the capital of the company at an average price of £0.0184 (approximately CAD$0.031) per Common Share on the London Stock Exchange, on December 27, 2019, Trend reports citing the company.
Following the aforementioned dealings, Cattaneo is directly beneficially interested in a total of 35,659,115 Common Shares in the capital of the Company, representing 7.90 per cent of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Børs.
Cattaneo is also indirectly interested in a total of 480,000 Common Shares, today representing 0.11 per cent of the Company's issued and outstanding common share capital admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Børs.
Zenith Energy is the operator for the development of Muradkanli-Jafarli-Zardab block of fields onshore Azerbaijan.
Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company signed a REDPSA in March 2016 for a block that includes the Muradkhanli, Jafarli and Zardab oil fields. Zenith Energy Ltd established its subsidiary company Zenith Aran Oil Company Ltd for production operations in these three fields. Production under the agreement began in August 2016.
Zenith holds an 80-percent participating interest in the three fields within the contract area, while SOCAR retains the remaining 20 percent. The agreement is for 25 years, with a potential extension by five additional years.
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