July 31, 2023             

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publication of 2023 FY annual audited report 

Zenith Energy Ltd.   (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to publish its independently audited financial results for the financial year ended March 31, 2023 (the "Annual Report"). 

The Annual Report can be viewed here: http://www.rns-pdf.londonstockexchange.com/rns/7538H_1-2023-7-31.pdf

A copy of the Annual Report will also be made available for review on the Company's website: www.zenithenergy.ca 

Key Highlights

During the financial year ended March 31, 2023, the Group:

·    The Group generated revenues from oil and natural gas of CAD$13,159k (2022 - CAD$8,239k)

·    As of March 31, 2023, inventory consists of CAD$6,448k (2022 - CAD$5,690k) related to 116,391 barrels of crude oil that has been produced but not yet sold in Tunisia.

·    The Company sold 177,246 mcf of natural gas from its Italian assets, as compared to 131,556 mcf of natural gas in the 2022 similar period.

Andrea Cattaneo, Chief Executive Officer, commented:

"The results for the 2023 FY represent the highest revenue generation recorded by the Company during its history. This is a significant achievement made possible, inter alia, by the exceptional energy pricing climate during the period, specifically in Italy where profitability margins have been unprecedented.

It is also important to underline that administrative expenses have been reduced materially, with a decrease of approximately 30 percent in comparison to the 2022 FY.

Zenith has newly embarked on an exciting acquisition campaign, with multiple potential acquisition opportunities currently under review across different geographies. It is the Board's intention to build on the progress achieved during the 2023 FY to maximise revenue generation and profitability in the interests of the Company's successful long-term development."

-ENDS-

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 development opportunities 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

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.