Tunisia: Zenith Energy acquires Robbana and El Bibane concessions from Candax
30 Apr 2021
Zenith Energy, the listed international oil & gas production company focused on pursuing African development opportunities, has announced that, its market announcement dated April 21, 2021, Compagnie Du Desert ( CDD ), its recently incorporated fully owned subsidiary, has entered into a share purchase agreement ( SPA) with
Candax Energy for the acquisition of a 100 percent interest in Candax s fully owned subsidiary in Barbados,
Ecumed Petroleum Tunisia Ltd ( EPT ), which holds a 100% interest in the
El Bibane and Robbana concessions in Tunisia.
Terms
Pursuant to the terms of the SPA, CDD has agreed to acquire 100% of the issued share capital of EPT for a nominal consideration of US$100 payable at completion, as well an additional consideration of approx. USD$200,000 in the form of assumption of debt payable by the close of May 2021.