ICC Arbitral Tribunal awards costs

November 29, 2023          
   
ZENITH ENERGY LTD.

("Zenith" or the "Company")

ICC Arbitral Tribunal awards costs 
 
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international
energy production and development company, is pleased to announce that the ICC
(International Chamber of Commerce) appointed Arbitral Tribunal for the
arbitration claims launched against Entreprise Tunisienne d'Activités
Pétrolières ("ETAP"), the national oil company of the Republic of Tunisia (the
"ICC Arbitration"), has rejected ETAP's request to include the Tunisian State as
co-defendant and ordered ETAP to pay approximately EUR 120,000 in costs. 

Zenith Energy will seek to enforce the decision with a view to receiving payment
directly to the claimant, a fully owned subsidiary of the Company, named Ecumed
Petroleum Zarzis Ltd ("EPZ"), registered in Barbados. 

Background
 
On July 10, 2023, the Company announced that it had successfully obtained a
"conservative seizure" for an amount equivalent to approximately US$6.5 million
deposited in a bank account under the name of ETAP in Switzerland (the
"Conservative Seizure").
 
The Conservative Seizure was granted in view of ETAP's failure to comply with
its contractual obligations and pay for oil produced and sold by EPZ. 
 
The ICC Arbitration has been commenced by the Company following the Conservative
Seizure and was announced on November 1, 2023. 
 


Further Information:
 
 
Zenith Energy Ltd 

Andrea Cattaneo, Chief Executive Officer	 
Tel: [phone]
E:  [e-mail]

Allenby Capital Limited - Financial Adviser

Nick Harriss
 
Daniel Dearden-Williams	Tel: + 44 (0) 203 328 5656
 


Notes to Editors:             
                              
Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in North Africa and Europe,
including electricity generation in Italy. 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 Venture Market of the OTCQB (OTCQB: 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
 
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The information included in this announcement is defined as inside information
pursuant to MAR article 7 and is publicly disclosed in accordance with MAR
article 17 and section 5 -12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person.

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