Zenith Energy Ltd. - Director / PDMR Shareholding
Calgary, May 14, 2019 - Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME) the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that its Chief Executive Officer & President, Mr. Andrea Cattaneo, has advised the Company that he purchased a total of 1,005,000 common shares of no par value ("Common Shares") in the capital of the Company at a total average price of GBP0.030 per Common Share (approximately CAD$0.054). On May 9, 2019, 250,000 Common Shares were purchased on the London Stock Exchange at an average price of GBP0.028 (approximately CAD$0.049) per Common Share.
On May 13, 2019, 455,000 were purchased on the Oslo Boers at NOK 0.37 (approximately ?0.033 - CAD$ 0.057) per Common Share and 300,000 Common Shares were purchased on the London Stock Exchange at an average price of ?0.028 (approximately CAD$0.049) per Common Share.
Following the aforementioned dealings, Mr. Cattaneo is directly beneficially interested in a total of 22,307,911 Common Shares in the capital of the Company, representing 8.02% of the total issued and outstanding common share capital of the Company admitted to trading on the Main Market for listed securities of the London Stock Exchange, and representing 7.14% of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Boers.
As announced on December 15, 2017, Mr. Cattaneo is indirectly interested in a total of 1,250,000 Common Shares, today representing 0.48 % of the Company's issued and outstanding common share capital admitted to trading on the Main Market of the London Stock Exchange, and representing 0.40 % of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Boers.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information:
| Andrea Cattaneo, Chief Executive Officer | Tel: +1 (587) 315 9031 |
| E-mail: info@zenithenergy.ca | |
| Peterhouse Capital - Joint Broker | Tel: + 44 (0) 207 469 0930 |
| Lucy Williams | |
| Charles Goodfellow | |
| Novum Securities Limited - Joint Broker | Tel: + 44 (0) 207 399 9400 |
| Charlie Brook-Partridge | |
| Hugh McAlister | |
| Allenby Capital Limited - Financial Adviser | Tel: + 44 (0) 203 328 5656 |
| Nick Harriss | |
| Nick Athanas | |
| IFC Advisory Limited - Financial PR & IR | Tel: + 44 (0) 203 934 6630 |
| Graham Herring | |
| Miles Nolan | |
| Zach Cohen |
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London Stock Exchange (LSE:ZEN). In addition, the Company's common share capital was admitted to trading on the Merkur Market of the Oslo Boers (ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Boers.
The Company was assigned a medium to long-term issuer credit rating of "B+ with Positive Outlook" on October 8, 2018 by Arc Ratings, S.A.
The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016.
The Company's primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company's Italian operations produce natural gas, condensate and electricity.
Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector. The Company's Board of Directors and senior management team have the experience and technical expertise to develop the Company successfully.
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