Zenith Energy Company announced that it has signed a cooperation agreement with Fleet Oil and Gas Company to jointly identify and pursue oil and gas exploration and production (E&P) acquisitions in the Mediterranean, the Middle East, and Africa, a press release reported.
According to the terms of this agreement, the two companies will identify potential acquisition opportunities and conduct due diligence on any transaction that is suitable. If the two parties approved this potential acquisition and took forward following the completion of a satisfactory due diligence exercise, they will enter into a joint venture agreement to be made by a newly incorporated vehicle that will be subject to a separate agreement.
Andrea Cattaneo, CEO of Zenith, commented: “I am delighted to have started this cooperation with Fleet at a particularly exciting juncture in our development in Africa. Fleet has significant expertise in identifying highly attractive oil and gas projects, as well as having an impressive network of high-level contacts across the region.”
“We are already at advanced stage of cooperation with the Fleet team to jointly progress a number of compelling opportunities to enhance our portfolio, as well as exploring potential project financing from certain Middle Eastern financial institutions for our intended operational activities during 2021,” Cattaneo added.
For his part, Essam Kafafi, CEO of Fleet, said: “Fleet Oil and Gas is proud to announce its collaboration with Zenith, a definitive step towards expanding our oil and gas offerings in the region. I am confident this cooperation will help us as we continue to strengthen and grow our position and capabilities.”
On the same context, Zenith affirmed that it is reviewing a number of potential acquisitions, both operated and non-operated, with Fleet company at a production rate exceeding 2,000 barrels of oil per day (bbl/d).