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Zenith Energy Ltd. has announced that Compagnie Du Desert Ltd (CDD), its fully owned subsidiary, has now completed the acquisition of a 100% interest in the fully owned subsidiary of Candax Energy Limited (Candax) in Barbados, Ecumed Petroleum Tunisia Ltd (EPT), which holds a 100% interest in the El Bibane and Robbana concessions in Tunisia.
Pursuant to the terms of the SPA, CDD acquired 100% of the issued share capital of EPT for a nominal consideration of US$100 payable at completion, as well as an additional consideration of approximately US$200 000 in the form of assumption of debt payable by the end of May 2021.