Zenith Energy has entered into a cooperation agreement with Dubai-headquartered Fleet Oil & Gas to jointly identity and pursue oil and gas production and exploration acquisitions in the Mediterranean, the Middle East and Africa.

Under the terms of the cooperation agreement, Zenith and Fleet, which has a representative office in Cairo, Egypt,  will jointly identify certain potential acquisition opportunities and conduct due diligence on any transaction that is deemed to be a suitable potential acquisition.

In the event a potential acquisition is mutually approved and taken forward following the completion of a satisfactory due diligence exercise, the parties have agreed to enter into a joint venture agreement to be made by way of a newly incorporated vehicle, which will be subject to a separate agreement at the time.

The two parties are reviewing a number of potential acquisitions, both operated and non-operated, with a production rate in excess of 2,000 barrels of oil per day, a Zenith statement said.

 Andrea Cattaneo, Chief Executive Officer of Zenith, commented: "I am delighted to have started this cooperation with Fleet at a particularly exciting juncture in our development in Africa. Fleet has significant expertise in identifying highly attractive oil and gas projects, as well as having an impressive network of high-level contacts across the region.

“We are already at advanced stage of cooperation with the Fleet team to jointly progress a number of compelling opportunities to enhance our portfolio, as well as exploring potential project financing from certain Middle Eastern financial institutions for our intended operational activities during 2021."

Essam Kafafi, Chief Executive Officer of Fleet, said: "Fleet Oil and Gas is proud to announce its collaboration with Zenith, a definitive step towards expanding our oil and gas offerings in the region. I am confident this cooperation will help us as we continue to strengthen and grow our position and capabilities." – TradeArabia News Service