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BRIEF-Zenith Energy Discontinues Plans To Buy Nordic Petroleum AS

Published 2019-12-09, 02:34 a/m
Updated 2019-12-09, 01:49 p/m
© Reuters.  BRIEF-Zenith Energy Discontinues Plans To Buy Nordic Petroleum AS

© Reuters. BRIEF-Zenith Energy Discontinues Plans To Buy Nordic Petroleum AS

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

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