ZENITH ENERGY LTD. July 13, 2022 ZENITH ENERGY LTD. ("Zenith" or the "Company") Reactivation of Sant'Andrea concession inItaly Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets inAfrica andEurope , is pleased to announce that it is finalising plans to reactivate the Sant'Andrea natural gas production concession ("Sant'Andrea" or the "Concession") located in onshoreItaly , with production expected to commence in Q4 2022. Overview of Sant'Andrea The Concession covers 164.32 square kilometres and is located in theVeneto region of North-Eastern Italy. It was first granted in 1992 and is due to expire in 2027. Two wells have been drilled within the Concession, namelyS. Antonio -1 and Anzano-1. The Company plans to reactivate the S. Antonio-1 well, with an expected initial production rate of 1,300 cubic metres of natural gas per day. Monthly fixed production costs are expected to be approximatelyEUR 3,000 with estimated net revenues of approximatelyEUR 40,000 toEUR 50,000 per month. Zenith, via its Italian subsidiary, holds a 40% interest in the Concession. The Company's partners in Sant'Andrea have communicated that they do not intend to fund the reactivation of the Concession. Zenith will therefore receive full entitlement to the production revenue to be received from Sant'Andrea, as well as bearing the full costs associated with reactivation of the Concession (approximatelyEUR 20,000 ).Luca Benedetto , Chief Financial Officer, and Managing Director of Italian operations, commented: "We have embarked on a gradual strategy of optimising our Italian portfolio, parts of which have remained dormant for some time, in the context of the increasing necessity for European domestic energy security and a highly encouraging pricing climate. It is our intention to continue to assess other, potentially much larger, opportunities for development within our Italian portfolio in the foreseeable future." -ENDS- Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 9031 E: info@zenithenergy.ca BlytheRay - Financial PR/IR Tim Blythe,Alice McLaren ,Madeleine Gordon-Foxwell Tel: +44 207 138 3204 E: zenith@blytheray.comAlternative Resource Capital - BrokerAlex Wood Keith Dowsing Tel: +44 (0) 207 186 9004 Tel: + 44 (0) 207 186 9005 Notes to Editors:Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets inTunisia ,Italy and theRepublic of the Congo , including electricity generation inItaly . The Company is listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of theOslo Stock Exchange (OSE: ZENA). Zenith's strategic focus is on pursuing transformational opportunities inAfrica andEurope through the development of proven revenue generating oil, gas and electricity production assets, as well as low-risk exploration activities in assets with existing production. 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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