31st Aug 2021 15:16
Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Revenue for financial year to March 31 comes in at CAD596,000, around USD472,133, down from CAD735,000 the year before. Pretax profit CAD3.5 million, tumbling from CAD10.3 million the year before after booking 'other' losses of CAD13.5 million, swinging from gains of CAD1.4 million a year ago. Says it was "significant year of progress". "The group's yearly profit was mostly impacted by the gain on business acquisition related to the Tunisian assets, negatively impacted by the impairment of the assets in Congo, the loss on retranslation of the assets and non-recurrent administrative expenses related to the negotiation for the acquisitions," company says.
Separately says it has entered exclusivity agreement with Noble Hill-Network Ltd for the development of the North-West Corner of OML 141. "We are very pleased to begin our evaluation of the opportunity to participate in NHNL's RSC for the development of the North-West Corner of OML 141 in Nigeria directly with the exclusive holder of this agreement following the signing of the exclusivity," says Chief Executive Andrea Cattaneo.
Current stock price: 1.02 pence, up 4.4% on Tuesday
Year-to-date change: down 23%
By Lucy Heming;Â [email protected]
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