2nd Oct 2019 06:57
(Alliance News) - Zenith Energy Ltd on Tuesday said that it has reduced its debt position by settling a loan facility at a discounted rate.
The oil and gas production company in September said it entered into negotiations to settle a USD2.1 million liability at a "significant discount".
Zenith confirmed that it has settled the facility for a total amount of USD1.0 million, representing a reduction of USD1.1 million.
Chief Executive Andrea Cattaneo said: "The board is delighted that, following these negotiations, we have successfully reduced our debt position by in excess of USD1.0 million. This further enhances our financial position and builds on the positive progress reported during recent weeks."
Shares in Zenith Energy closed 2.6% higher at 3.90 pence each in London on Tuesday.
By Eric Cunha; [email protected]
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