July 20, 2020 ZENITH ENERGY LTD. ("Zenith" or the "Company") Update on Tilapia in theRepublic of the Congo Zenith 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 provide an update on the Tilapia licence in theRepublic of the Congo which expired onJuly 18, 2020 . The Company can confirm that the Company's subsidiary in theRepublic of the Congo , Anglo African Oil & Gas Congo S.A.U ("AAOG Congo"), continues to operate the Tilapia oilfield on an interim basis following the implementation of a "Plan for the Continuation of Activities" ("PCA") agreed with the national oil authorities. New 25-year licence for Tilapia ("Tilapia II") The Company is pleased to announce that, in accordance with local procedures, it has submitted a comprehensive commercial and technical offer (the "Offer") to theMinistry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence for the Tilapia oilfield to be named "Tilapia II". In consideration of the impact of the ongoing COVID-19 pandemic, as well as the expected evaluation period for the Company's aforementioned Offer, the Company expects to receive a preliminary indication regarding the possible acceptance of the Offer within the next 30 days.Andrea Cattaneo , Chief Executive Officer of Zenith, commented: "We are very excited about the good progress we have achieved in recent weeks in theRepublic of the Congo , specifically in respect of the submission of the Offer for Tilapia II. As is to be expected, the unprecedented world crisis presented by COVID-19 has delayed all activities, including the arranging of meetings to conduct the necessary negotiations prior to submitting the Offer. The Tilapia asset has transformational production potential and the award of a new 25-year licence will represent the first important successful milestone in our journey in the Congo. It is our hope and expectation that we shall achieve this goal in due course. I am also pleased to confirm that negotiations are nearing a conclusion with regards to defining a payment plan for the repayment of theUS$5.3 million debt owed by Société Nationale des Pétroles du Congo to AAOG Congo." Further Information:Zenith Energy Ltd. Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 9031 E-mail: info@zenithenergy.ca 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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