November 30, 2023 ZENITH ENERGY LTD. ("Zenith" or the "Company") NewKazakhstan subsidiary and pre-contract termsZenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to announce that, as it is now in the advanced stage of finalising terms for the potential acquisition of oil production and development assets, it has incorporated a subsidiary in theRepublic of Kazakhstan , namedZenith Munay LLP . With reference to the three memorandums of understandings (the "Memorandums") announced to the market during the month ofSeptember 2023 , the Company is pleased to announce that after comprehensive technical, legal, and financial due diligence, it has agreed to formalise a pre-contractual framework with the seller for an opportunity comprising two oilfields with a near-term production potential of approximately 400 barrels of oil per day, located in theAtyrau Region ofKazakhstan (the "Potential Acquisition"). The Company expects to soon be able to formalise a binding agreement for completion of the Potential Acquisition, subject to local regulatory approvals, and will update the market accordingly.Andrea Cattaneo , Chief Executive Officer, commented: "Zenith has made significant progress in its business development activities in theRepublic of Kazakhstan , having evaluated a great number of potential opportunities. It is our intention to achieve circa 400 barrels of oil per day as a starting point prior to gradually scaling up production via field rehabilitation operations and the drilling of new wells made possible by acquiring an asset with a favourable geology and material reserves. We look forward with enthusiasm to our near-term progress and to delivering on our publicly announced strategy of being a profitable, revenue generating oil production and development business." Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 1279 E: info@zenithenergy.caAllenby Capital Limited - Financial AdviserNick 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 inNorth Africa andEurope , including electricity generation inItaly . The Company is listed on theLondon Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of theOslo 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 Market Abuse Regulation (MAR) Disclosure 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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