August 7, 2020 ZENITH ENERGY LTD. ("Zenith" or the "Company") Extension of LOIZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it has extended the duration of the non-binding Letter of Intent ("LOI") signed with an Arab consortium of strategic institutional investors focused on African development opportunities, to provide an investment ofUS$2 million in Zenith's share capital for a period of 90 days (the "Strategic Investment "). For reference, the LOI was first announced to the market onMarch 31, 2020 . The terms of the LOI remain unchanged. Under the terms of the LOI, theStrategic Investment is priced at2.5 pence per Zenith common share (equivalent to approximatelyNOK 0.30 ).The Strategic Investment is conditional and subject to a number of conditions, including the successful completion of the publicly announced Tunisian Acquisition (currently awaiting final regulatory approval as publicly announced), as well as the successful acquisition of two oil production licenses currently being negotiated with a national oil authority inWest Africa (as announced to the market onMarch 12, 2020 ). In addition, theStrategic Investment is also conditional on the appointment of a director proposed by the investors to Zenith's Board. Upon completion of the aforementioned acquisitions, it is anticipated that Zenith will have an expected cumulative daily production in excess of 1,500 barrels of oil per day across its asset portfolio. Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 9031 E-mail: info@zenithenergy.caAllenby Capital Limited - Financial Adviser & BrokerNick Harriss Nick Athanas Tel: + 44 (0) 203 328 5656 Notes to Editors:Zenith Energy Ltd. is an international oil and gas production company, listed on theLondon Stock Exchange (LSE:ZEN) and the Merkur Market of theOslo Stock Exchange (ZENA:ME). Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically inAfrica . The Company's board of directors and senior management team have the experience and technical expertise to develop the Company successfully.
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