January 26, 2022                                

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on planned sale of Tunisian oil production  

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to provide an update on its next planned international crude lifting of oil production from its Tunisian portfolio. The lifting is scheduled for April 2022, following the last sale of oil announced to the market on July 8, 2021.

The Company confirms that, based on current production rates from its recently enlarged portfolio, it will hold a total of approximately 114,000 barrels of crude oil in stock net to Zenith in Tunisia, as of March 31, 2022.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"The fundamentals of our energy production activities across our energy production portfolio in Tunisia and Italy have never been stronger. Despite the challenging financial market environment caused by certain potential negative near-term global geopolitical developments, as well as the lasting effects of the COVID-19 pandemic, we are extremely pleased to be an energy producer in the current high energy price environment.

The significant benefits of having successfully implemented our strategy of acquiring oil production and development assets since 2020 are now increasingly clear.

Production growth activities in Tunisia are our primary area of focus, as was detailed in our operational update announcement of January 24, 2022. These will be performed in tandem with the potential acquisition of additional assets to expand our production portfolio in Tunisia, as well as the potential near-term award of the Tilapia II licence in the Republic of the Congo."

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.

Further Information: 

Notes to Editors:     

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).

Zenith's development strategy is to identify and rapidly complete value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.