May 18, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Payment of multi-currency bond coupon

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production company, announces that it has made coupon payments, in full and on time, in respect of the following multi-currency Euro Medium Term Notes the Company has listed on the Vienna MTF of the Vienna Stock Exchange:

•     Zenith 10,125% EUR - N.22-26/S5 (ISIN: XS2478298909)

•     Zenith 10,5% GBP - N.22-26/S6 (ISIN: XS2478299030)

•     Zenith 10,375% USD - N.22-26/S7 (ISIN: XS2478299113)

Further Information:

Notes to Editors:                                           

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in Africa, the Middle East and Europe, 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 energy production assets, as well as low-risk exploration activities in assets with existing production.

For more information, please visit:  www.zenithenergy.ca

Twitter: @zenithenergyltd

LinkedIn:  https://bit.ly/3A5PRJb