Dec 9 (Reuters) - Zenith Energy Ltd ZEE.V :
* PROPOSED ACQUISITION OF NORWEGIAN SUBSIDIARY
* DECIDED TO DISCONTINUE ITS PLANS TO ACQUIRE A NORWEGIAN OIL & GAS COMPANY, NORDIC PETROLEUM AS BY WAY OF AN EXCHANGE OF EQUITY
* DUE TO UNEXPECTED COMPLICATIONS, POTENTIALLY HIGH COSTS TO COMPLETE PROPOSED DEAL, DECIDED NOT TO PROCEED WITH PROPOSED ACQUISITION
* INTENDS TO CREATE A NORWEGIAN SUBSIDIARY (ANTICIPATED TO BE NAMED ZENITH ENERGY NORWAY AS) IN IMMEDIATE FUTURE
* WILL CONTINUE PLANS TO ESTABLISH NORWEGIAN VEHICLE FOR INTENDED PARTICIPATION IN FUTURE LICENSING BIDS
* WILL CONTINUE WITH ITS PLANS TO ACTIVELY PURSUE POTENTIAL ACQUISITION OF MATURE ENERGY PRODUCTION ASSETS
* EXPECTED THAT ACQUISITION OF FURTHER EUROPEAN NATURAL GAS PRODUCTION ASSETS MAY BE COMPLETED IN NEAR FUTURE