June 4, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Arbitrations against Republic of Tunisia

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to provide an update regarding the ongoing ICC Arbitration for SLK against the Republic of Tunisia ("ICC 2 Arbitration") and the ICSID Arbitration against the Republic of Tunisia ("ICSID Arbitration").

Zenith Energy Africa Ltd. ("ZEAL"), Zenith Overseas Assets Ltd. ("ZOAL") and Compagnie du Désert Ltd. ("CDD") have appointed Rahim Moloo and Robert Spano of the law firm Gibson, Dunn & Crutcher LLP ("Gibson Dunn") to act as counsel in their claims against the Republic of Tunisia brought under the bilateral investment treaty between the United Kingdom and Tunisia under the auspices of the International Centre for Settlement of Investment Disputes for the ICSID Arbitration.

Similarly, Canadian North Africa Oil and Gas Limited ("CNAOG") has also appointed Rahim Moloo and Robert Spano of Gibson Dunn to act as counsel in the parallel arbitration proceedings brought against Tunisia under the auspices of the ICC for the ICC 2 Arbitration.

Gibson Dunn has appeared in numerous high-stake arbitral proceedings before all major arbitral institutions. Gibson Dunn's international arbitration lawyers are regularly ranked by legal publications.

Rahim Moloo is a partner and co-chair of the firm's International Arbitration Group. He has been recognized by Who's Who Legal as "one of the most skilled advocates of his generation" and a "Global Elite Thought Leader".

Robert Spano is the former president of the European Court of Human Rights, the youngest judge ever to be elected to the presidency in the Court's history.

Andrea Cattaneo, Chief Executive Officer, commented:   

"We are delighted to appoint Gibson Dunn, one of the world's leading arbitration specialists, as legal counsel in relation to the ICC 2 Arbitration and ICSID Arbitration.

The Company will work closely with Rahim Moloo and Robert Spano with the objective of redressing the very significant damages caused by the actions of the Tunisian authorities to the detriment of Zenith and its shareholders."

Further Information:

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with energy production, exploration and development assets in North Africa, the US and Europe. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF).

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

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