Zenith Energy ( (GB:ZEN) ) has issued an announcement.
Zenith Energy Ltd. has announced the final hearing for a legal claim by its subsidiary, Anglo African Oil & Gas Congo S.A.U, against SMP Energies, related to unsatisfactory drilling performance in the Tilapia oilfield. The claim, initially valued at $3.1 million and later increased to $9 million, seeks compensation for significant damages, including the inability to commence production activities. The case has been ongoing for about five years, with SMP’s attempts to delay proceedings being dismissed by the court. A final decision is expected within three months, and Zenith is optimistic about a favorable outcome.
More about Zenith Energy
Zenith Energy Ltd. is an independent energy company with operations in North Africa, the US, and Europe. It focuses on energy production, exploration, and development, particularly in revenue-generating assets and low-risk exploration opportunities. The company is listed on multiple stock exchanges, including the London Stock Exchange, Oslo Stock Exchange, and the OTC Pink Markets.
YTD Price Performance: 73.68%
Average Trading Volume: 2,912,673
Technical Sentiment Consensus Rating: Sell
Current Market Cap: £20.31M
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