September 29, 2023             

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Confirmation of Debt Issuer Credit Rating

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to announce that BCRA Credit Rating Agency AD ("BCRA") has confirmed the Company's long-term issuer credit rating of "B+ with Stable Outlook".

BCRA is an independent credit rating agency operating since 2003. The Bulgarian Financial Supervision Commission ("FSC") and European Securities and Markets Authority ("ESMA") have fully registered BCRA in accordance with Regulation (EC) No. 1060/2009 of the European Parliament on credit rating agencies.   

The BCRA report can be viewed here: https://bcra.eu/files/rating_zenith_sep_2023_en.pdf

Luca Benedetto, Chief Financial Officer, commented:

"The confirmation of our debt issuer credit rating is evidence of the strong fundamentals of Zenith Energy. We believe the Company's rating will be viewed favourably by investors as we seek to finance our ambitious business development strategy in the USA and Kazakhstan by way of non-dilutive fixed income debt securities."

Further Information:

Notes to Editors:          

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa 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