April 23, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of photovoltaic development project in Puglia

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), is pleased to announce the acquisition of a 5 MWp photovoltaic development project located in Puglia, Italy (the "Puglia Acquisition").

The Puglia Acquisition covers approximately 5 hectares of land in proximity to a motorway, within areas classified as suitable for solar PV development under the applicable regulatory framework.

The land has been acquired at a price of approximately €115,000 per hectare, reflecting the strategic value of the site in terms of location, infrastructure access, and proximity to the electricity grid.

The Company plans to develop a solar PV plant with an expected installed capacity of approximately 5 MWp following the Puglia Acquisition.

Overview of the Puglia Acquisition

·      A photovoltaic development project with an expected installed capacity of approximately 5 MWp located in Puglia, Italy.

·      In close proximity (approximately 300 meters) to a project already under development by the Company, for which grid connection has already been secured and accepted, with expected activation timelines of 90 working days.

·      Classified as being at the development stage.

·      Total consideration is EUR 575,000. Payment will be made upon securing all required permits and achieving Ready-to-Build status at the conclusion of the development process.

Solar Development Strategy

Following completion of the Puglia Acquisition, Zenith's solar development pipeline has increased to a total of 178.5 MWp, representing a further expansion from the 173.5 MWp reported in the Company's most recent independent valuation as of March 31, 2026, which assigned a total value of EUR 54.7 million to the portfolio.

The expansion of the pipeline is expected to support further value creation as projects advance through permitting, Ready-to-Build and construction stages. The Company remains focused on increasing the scale and quality of its portfolio while progressing assets towards monetisation and production.

Andrea Cattaneo, Chief Executive Officer, commented:

"With a combined installed capacity of 5 MWp, the project increases Zenith's solar development pipeline to 178.5 MWp and adds further exposure to the Puglia market.

This acquisition aligns with our strategy of prioritising projects with short development timelines and near-term revenue potential."

Overview of Zenith Energy's solar portfolio as of April 23, 2026

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 on the Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

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.