Zenith Energy Ltd., (LON: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company, has announced that it has entered into the put and call option agreement with Anglo African Oil & Gas plc (LON: AAOG) over the residual holding of 20 percent in Anglo African Oil & Gas Congo SAU that AAOG will retain following the signing of a conditional share purchase agreement for Zenith’s acquisition of an 80 percent interest in AAOG Congo.
The Put and Call Option Agreement incorporates the key provisions of the agreed term sheet for the put and call option agreement with AAOG which were announced by the Company on January 13, 2020.
As announced on December 27, 2019, the SPA is conditional, inter alia, on the passing of an ordinary resolution of shareholders in AAOG in a General Meeting, to be held on January 13, 2020, approving the Acquisition and certain regulatory requirements in the Republic of the Congo, including consent of the Minister of Hydrocarbons.
On January 13, 2020, the Company announced that the shareholders of AAOG had passed the resolution presented at the general meeting held on January 13, 2020 to approve the sale of 80 percent of the shares in AAOG Congo to Zenith Energy Ltd.
The Company is working towards the fulfilment of the remaining conditions precedent in order to achieve Completion.