Zenith enters exclusivity to acquire ~82% of Daybreak Oil and Gas
Zenith Energy (AIM:ZEN) has entered into confidentiality and exclusivity agreements with both Reabold Resources (AIM:RBD) and Portillion to pursue a combined approximately 82% controlling interest in Daybreak Oil and Gas, the California-based independent. The agreements open a 90-day window for due diligence and negotiation, giving Zenith a clear runway to structure a transaction. Zenith shares slipped 3.64% to 5.3p on the day.
Energean's Angola acquisition clouded by pre-emption move
Energean (LSE:ENOG) disclosed that its agreed acquisition of Chevron's interests in Block 14 (31%) and Block 14K (15.5%) offshore Angola has hit uncertainty after a joint venture partner exercised pre-emption rights over the sale. The move introduces a material question mark over whether the deal will proceed on its original terms, and Energean shares fell 3.46% to 753.5p in response.
Reabold confirms exclusivity granted to Zenith over Daybreak stake
Reabold Resources (AIM:RBD) confirmed its side of the same transaction, stating it had granted Zenith Energy (LSE:ZEN) exclusivity to evaluate a purchase of Reabold's 42% stake in Daybreak Oil and Gas. The California-focused holding represents one of Reabold's core assets, and the exclusivity period now gives both parties a defined timeframe to agree terms. Reabold shares edged down 0.83% to 89.25p.
