New Kazakhstan subsidiary and pre-contract terms

November 30, 2023          
   
ZENITH ENERGY LTD.

("Zenith" or the "Company")

New Kazakhstan subsidiary and pre-contract terms 
 
Zenith 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 the
Republic of Kazakhstan, named Zenith Munay LLP. 

With reference to the three memorandums of understandings (the "Memorandums")
announced to the market during the month of September 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 the Atyrau
Region of Kazakhstan (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
the Republic 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: [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
 

 
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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