January 3, 2023        

ZENITH ENERGY LTD.

("Zenith" or the "Company")

New strategic investor in Zenith Netherlands  

Zenith Energy Ltd.  (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa and Europe is pleased to announce that it has concluded a share purchase agreement ("SPA") with Hingbo Industries Company Limited, a company incorporated in Hong Kong, for the sale of a 51% interest in the issued, allotted, outstanding and fully paid-up share capital of its fully owned subsidiary, Zenith Energy Netherlands B.V ("Zenith Netherlands"), for a nominal consideration.

Zenith Netherlands is currently dormant and has no assets.

A copy of this regulatory news announcement was published in the Norwegian market at 17:55 CET on December 30, 2022, when the London market was closed.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We are pleased to welcome a new strategic financial investor in Zenith Netherlands, a company we shall use to pursue potentially highly prospective future acquisition opportunities on a joint venture basis.

The Board looks forward with enthusiasm to updating shareholders on several fronts in due course."

Further Information:

Notes to Editors:                                                                                           

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in Tunisia, Italy and the Republic of the Congo, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).

Zenith's strategic focus is on pursuing transformational opportunities in the Middle East, Africa, and Europe through the development of proven revenue generating oil, gas, and electricity production assets, as well as low-risk exploration activities in assets with existing production.

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.