Zenith Energy, the listed international energy production and development company, has provided an update regarding the sale of its fully owned ZEN-260 onshore drilling rig.
Further to the Company's announcement of November 25, 2025, Zenith has agreed terms for the sale of the ZEN-260 for total gross consideration of approx. US$4.3 million to a company operating in the oil and gas sector in the Philippines, including payment of a non-refundable deposit.
The agreed consideration materially exceeds previously disclosed indicative offers and reflects both the outcome of a competitive process involving multiple interested counterparties and the strengthened oil and gas pricing environment. The final agreed gross consideration of approx. US$4.3 million compares favourably with the approx. US$2 million indicative offers previously announced by the Company.
The transaction has received the necessary approvals from the relevant Philippine authorities, and importation of the rig is expected to take place during July 2026.
The ZEN-260 was originally acquired by Zenith in September 2018 for approximately EUR €2.25 million. The sale will strengthen the Company's financial position and provide additional funding to accelerate the development of its Italian solar portfolio.
Andrea Cattaneo, Chief Executive Officer, commented:
'We are extremely pleased with the progress achieved in relation to the sale of the ZEN-260 and the substantial increase in value obtained through the negotiation process.
With the Company's strategic focus increasingly directed towards the development of our Italian energy and solar portfolio, we believe this transaction represents an excellent opportunity to monetise a non-core asset at an attractive valuation made possible by the strengthened oil price environment.
The transaction represents a strong outcome for Zenith and demonstrates management's focus on unlocking value from non-core assets while supporting the continued development of our Italian solar portfolio.'
Source: Zenith Energy
