ZENITH ENERGY LTD. October 5, 2021 ZENITH ENERGY LTD. ("Zenith" or the "Company") New record electricity production revenueZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to announce that its production activities inItaly have achieved a new record in terms of profitability because of the current favourable energy pricing climate. Electricity production inItaly The Company is pleased to report, further to its announcement datedSeptember 16, 2021 , that its electricity generation activities at the Torrente Cigno concession inItaly , where low-grade natural gas production is used to generate electricity, have registered a new record in terms of profitability. During the month ofSeptember 2021 , the Company produced a total of approximately 920 MWh, a small increase in respect of the previous month. Electricity prices during the month ofSeptember 2021 have averaged approximatelyEUR 157 per MWh, resulting in net revenues of approximatelyEUR 150,000 per month. The current net production costs remain fixed at approximatelyEUR 35,000 per month. An application for the New Common Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue date. Issue of equity in respect of Winance Loan Agreement The Company has issued 3,953,708 new common shares of no par value (the "New Common Shares") at an issue price ofNOK 0.1266 (equivalent to approximately £0.011) to Winance in respect of the Loan Agreement announced to the market onMay 26, 2021 . Total Voting Rights The Company wishes to announce, in accordance with theUK Financial Conduct Authority's Disclosure Guidance and Transparency Rules, as well as section 3.10 of the Euronext Growth Oslo Rule Book Part II, the following revised information resulting from the issuance of the New Common Shares: Class of share Total number of shares Number of voting rights per share Total number of voting rights per class of share Common Shares in issue and admitted to trading on the Main Market of theLondon Stock Exchange 313,400,824 1 313,400,824 Common Shares in issue and admitted to trading on the Euronext Growth Market of the Oslo Børs - representing the total outstanding common share capital of the Company 1,411,665,358 1 1,411,665,358Luca Benedetto , Chief Financial Officer and Managing Director of Italian operations, commented: "The continued record profitability of our Italian operations by way of our electricity generation activities at Torrente Cigno is a source of great satisfaction for the Zenith team. We have begun studying ways of increasing our electricity production operations inItaly at the Torrente Cigno concession making use of the existing infrastructure, including the potential drilling of the Masseria Vincelli 2 sidetrack well, in order to further benefit from the current pricing environment which is projected to remain extremely favourable for the rest of the year and beyond." Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 9031 E-mail: info@zenithenergy.caAllenby Capital Limited - Financial Adviser & BrokerNick Harriss Nick Athanas Tel: + 44 (0) 203 328 5656 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. Notes to Editors:Zenith Energy Ltd. is an international oil and gas production company, listed on theLondon Stock Exchange (LSE:ZEN) and the Euronext Growth Market of theOslo Stock Exchange (OSE:ZENA). Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically inAfrica .
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