Zenith Energy Ltd - Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe - Decides to end negotiations with the Benin Ministry of Water and Mines for the finalisation of a production sharing contract for Block 1, which contains the Seme oilfield, offshore Benin. Says the board took this decision following a ‘comprehensive evaluation of recent geopolitical developments in the vicinity of Benin’. This is alongside the ‘significant long-term investment required to successfully develop the Seme oilfield, and the material progress made in other jurisdictions where Zenith now intends to maximise its technical and financial resources with comparatively reduced risk for the company’s shareholders’.
In April, Zenith said it was performing the necessary legal and technical work for the finalisation of the prospective contract for Seme. In February, Zenith completed £2.3 million fundraising in the UK and Norway. It said at the time that part of the proceeds would the negotiation and finalisation of a contract in Benin.
Current stock price: 0.45 pence
12-month change: down 47%
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