Zenith Energy has announced the signing of a memorandum of understanding (MOU) for the potential acquisition of an oil production asset in the Atyrau Region of Kazakhstan. The Oslo and London-listed oil-and-gas company revealed that the asset had previously yielded approximately 200 barrels of oil per day, although production is currently suspended.
Under the terms of the preliminary agreement, commercial terms will be formalized through a share purchase deal on or before November 30th.
This recent MOU marks the third potential acquisition opportunity that Zenith Energy intends to evaluate in Kazakhstan. In addition, the company has signed two separate agreements relating to potential acquisitions of oil development assets and an oil-producing company in the country.
"We are delighted to have signed a memorandum of understanding for our third potential acquisition opportunity in Kazakhstan," commented Chief Executive Andrea Cattaneo.
Zenith Energy's strategic focus lies in the creation of a profitable and revenue-generating energy production portfolio. This objective is pursued through targeted acquisitions in both the United States and Kazakhstan.