May 7, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Payment of 2024 Bond Outstanding Notes

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC PINK: ZENAF), the listed international energy production and development company, is pleased to provide an update, following the regulatory news announcement dated September 18, 2024, regarding payment of the Outstanding Notes of the 2024 Bond. This follows the successful conclusion of the final Bond Exchange Offer announced on April 22, 2024 (the "Bond Exchange"), preceded by the first Bond Exchange Offer announced on January 25, 2024, both attracting significant support and investor participation (collectively, the "Exchanges").

The Exchanges were directed to Noteholders (the "Noteholders") of the following unsecured debt instruments that matured on January 27, 2024 (the "Outstanding Notes"):

·      Euro 10.125% Notes due on 27 January 2024 (XS2108546735)

·      USD 10.300% Notes due on 27 January 2024 (XS2108546651)

·      GBP 10.375% Notes due on 27 January 2024 (XS2108546578)

As previously confirmed, those Noteholders who did not participate in the Exchanges will receive settlement of the Outstanding Notes and accrued interest by way of cash (the "Remaining Outstanding Notes").

The Company can confirm that it has paid the Remaining Outstanding Notes in the amount of 20% (twenty percent).

As per the regulatory news announcement dated September 18, 2024, further payments had been scheduled on or before December 28, 2024, and on February 28, 2025, in full and final settlement of the Remaining Outstanding Notes and accrued interest.

Delays ascribable to intermediary platforms have resulted in the need to revise the previously announced timeline because the Company has still not received full confirmation that the first payment in the amount of 20% has been delivered to Noteholders by the intermediary platforms.

Having consulted with the relevant advisers, the Company gives notice that the Remaining Outstanding Notes, and accrued interest will be paid as follows:

·    June 30, 2025, in the amount of an additional 20% (twenty percent) of the Remaining Outstanding Notes,

·    September 30, 2025, payment of the balance of the Remaining Outstanding Notes and all the accrued interest, until this date.

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 Pink Markets of the OTC (OTC PINK: 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

LinkedIn:  https://bit.ly/3A5PRJb