As announced on 7 July 2020, Zenith Energy Ltd. (Zenith) has entered into a joint venture agreement with a local oil & gas company in the Republic of the Congo. The primary objective of the agreement is the potential acquisition of an unspecified onshore oil production licence. According to the release the field that Zenith is targeting last producing at a rate of roughly 300 bo/d from the regionally proven Mengo formation as recently as 2019. Production has suspended pending the assignation of a new licence. The potential acquisition is in the Kouilou region of the Republic of the Congo in proximity of Pointe-Noire.  Under the terms of the Agreement, Zenith and its local partner will jointly apply to the relevant authorities in the Republic of the Congo, including the Ministry of Hydrocarbons, for the award of a new licence. In accordance with the agreemnt, it is stipulated that Zenith shall have the role of joint operator and majority partner in the event a new licence is successfully obtained.  Following preliminary technical analysis, as part of the due diligence activities conducted prior to entering into the agreement, Zenith is confident that profitable oil production operations can be achieved following the reactivation of the field and the performance of targeted reached following low-intensity workover activities.  Background information  In May 2020, Zenith completed the acquisition of Anglo African Oil & Gas Congo S.A.U (AAOGC) a wholly owned subsidiary of Anglo African Oil & Gas plc and hence holds a 56% interest in the Tilapia permit.
Congo (Lower Congo B.), as announced on 7 July 2020, Zenith Energy Ltd. (Zenith) has entered into a joint venture agreement with a local oil & gas company in the Republic of the Congo. The primary objective of the agreement is the potential acquisition of an unspecified onshore oil production licence.