Zenith Energy, a renowned energy company listed in London and Oslo, has recently announced the signing of a significant memorandum of understanding. This memorandum pertains to the potential acquisition of an undisclosed oil-producer asset located in Kazakhstan.
Entering a Period of Exclusivity
In an announcement made on Monday, Zenith Energy revealed that it has secured a ninety-day period of exclusivity. This exclusivity allows them to thoroughly evaluate the potential acquisition of an oil production asset situated in the Atyrau region of Kazakhstan.
Previous Production Levels and Current Status
Prior to the pandemic, the asset in question boasted a remarkable production rate of approximately 600 barrels of oil per day. Unfortunately, due to the current circumstances, production has been temporarily suspended.
Formalizing Agreements by November 30th
Zenith Energy hopes to finalize the agreements for this prospective acquisition on or before November 30th. This acquisition aims to complement their ongoing business development endeavors in the United States, which are rapidly progressing. It also demonstrates the company’s unwavering strategic focus on seeking production and development opportunities in stable jurisdictions.
