22nd May 2026 13:21
Zenith Energy Ltd - Calgary, Canada-based energy production, exploration and development company - Agrees terms for the sale of its ZEN-260 onshore drilling rig to "a company operating in the oil and gas sector in the Philippines," for gross consideration of approximately USD4.3 million. Zenith originally purchased the rig in 2018 for approximately EUR2.3 million. Says this materially exceeds previously disclosed indicative offers of around USD2 million, and that this "reflects both the outcome of a competitive process involving multiple interested counterparties and the strengthened oil and gas pricing environment." Expects the buyer to import the rig in July, and notes that the relevant Philippine authorities have granted the necessary approvals. Zenith says the sale will strengthen its financial position and provide additional funding to accelerate the development of its Italian solar portfolio. Read More
