January 31, 2022                                                                

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Issue of Stock Options & New Appointment to Advisory Committee

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to announce that it has granted a total of 47,586,280 stock options (the "Options") to certain Directors, Advisory Committee members and employees of the Company in accordance with the Company's Stock Option Plan. 

The Options have an exercise price of NOK 0.11 per Option (approximately equivalent to £0.009), are fully vested, and have the duration of five years from the date of granting. 

Appointment to Advisory Committee

The Company is pleased to announce the appointment of Mr. Bjørn Ursin-Holm to its Advisory Committee.

Mr. Ursin-Holm is a Norwegian national with more than 40 years' experience in the oil and gas industry, having held senior leadership roles in multiple companies operating in Africa, the Middle East, and the FSU.

He currently serves as Chairman of Vision of Energy AS, a boutique Norwegian oil and gas advisory company, as well as serving as Chairman of Boudicca Exploration and Production Ltd. 

Andrea Cattaneo, Chief Executive Officer, commented:

"We are delighted to welcome Mr. Ursin-Holm, a highly experienced Norwegian geophysicist with many decades of experience in senior leadership positions across the world, including Africa, to our Advisory Committee.

Our Advisory Committee provides an extremely valuable contribution in reviewing and optimising the Company's strategic direction, as well as introducing Zenith to potential new business development opportunities and oilfield service providers for our energy production portfolio."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Further Information: 

Notes to Editors:         

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).

Zenith's development strategy is to identify and rapidly complete value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM