Zenith Energy has announced that in agreement with OMV Exploration and Production it has terminated the share purchase agreement ('SPA') announced to the market on January 3, 2023, for the acquisition of 100% of the outstanding share capital of OMV (Yemen Block S 2) Exploration GmbH, OMV Jardan Block 3 Upstream GmbH, and OMV Block 70 Upstream GmbH (collectively 'OMV Yemen').
The SPA has been terminated due to the conditions required for completion of the SPA not being satisfied.
In accordance with the terms of the SPA, OMV has refunded the deposit of US$4,323,800 plus accrued interest to Zenith.
Acquisition of Zenith Netherland by Hingbo Industries Company Limited
In view of the termination of the SPA with OMV Yemen, the share purchase agreement entered into with Hingbo Industries Company Limited for the sale of a 51% interest in the issued, allotted, outstanding and fully paid-up share capital of the Company's fully owned subsidiary, Zenith Energy Netherlands, announced to the market on January 3, 2023, has also been terminated.
Zenith Netherlands is currently dormant and has no assets.
Source: Zenith Energy