Zenith Energy announced in December 2019 a conditional share purchase agreement to acquire an 80% interest in the Congo operations of Anglo African Oil & Gas (AAOG). The agreement is conditional on approval from AAOG shareholders and the consent of the Minister of Hydrocarbons. AAOG Congo owns a 56% interest in the Tilapia oil field with the remaining interest held by SNPC. The TLP-103C license is located in the Lower Congo Basin on the West African Atlantic Margin and can be drilled from onshore. The license entered into production in 2008.
The transaction value is GBP 1 million with 500,000 in cash and 500,000 in new Zenith shares. AAOG is restricted from selling shares for six months. Zenith plans to prepare for drilling activities as soon as it assumes operational control of the license.