October 18, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Seizure on SMP's bank account
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to provide an update on the legal claim undertaken by its fully owned subsidiary, Anglo African Oil & Gas Congo S.A.U ("AAOGC"), against SMP Energies ("SMP", formerly Société de Maintenance Pétrolière - SMP) the rig contractor that performed drilling services in wells TLP-103 and TLP-103C of the Tilapia oilfield during 2018-2019, in the Paris Commercial Court (the "Court").
On July 3, 2023, the Company announced by way of regulatory news the Court's rejection of SMP's request for a stay of proceedings in France, stating that SMP's request contained "all the characteristics of a dilatory request" and ordered SMP to pay an amount of EUR 30,000 to AAOGC as compensatory damages for its abusive procedural behaviour (the "Damages Payment"). The Court's decision was immediately enforceable.
SMP has failed to comply with the Court's Order by refusing to voluntarily pay the Damages Payment.
As a result, the Company has enforced the Court's decision and performed a seizure in the amount of the Damages Payment on a bank account of SMP in France.
The Company will continue to vigorously pursue its claim in the Paris Commercial Court with the next hearing scheduled to take place on October 27, 2023.
Further Information:
| Zenith Energy Ltd |
Tel: +1 (587) 315 1279 |
| Allenby Capital Limited - Financial Adviser
Daniel Dearden-Williams | Tel: + 44 (0) 203 328 5656 |
Notes to Editors:
Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa and Europe, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).
Zenith's strategic focus is on pursuing development opportunities through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production.
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
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