The Canadian oil and gas company Zenith signed an agreement on March 2 to acquire a working interest (WI) in an onshore oil production unit in Tunisia, according to a press release.
The asset currently produces on average 700 barrels of oil per day and generates an annual gross revenue of approximately $15 million.
The company has initiated talks with an undisclosed oil firm to put together an off-take agreement for the future’s production in order to aid the financing of the deal. In addition to this, the company has announced that it is aiming to complete the due diligence by March 31.
This deal is part of a wider policy of Zenith’s expansion, with the Canadian company also signing a deal in December to acquire Coro Energy’s natural gas production in Italy.