May 31, 2021   
             
ZENITH ENERGY LTD.

("Zenith" or the "Company")

Debt Reduction & Issue of Warrants

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed
international oil & gas production company focused on pursuing African
development opportunities, is pleased to announce that it has undertaken certain
debt reduction activities. 

On April 23, 2021, the Company announced that, in relation to its US$2.5 million
convertible loan facility (the "Facility") it had reduced its liability in
respect of the Facility to US$0.07 million.
 
The Company is pleased to confirm that, following recent repayments, the current
liability in relation to the Facility now stands at approximately US$0.6
million.

Further, as last announced on April 23, 2021, the Company had an outstanding
credit agreement with a financial institution in Azerbaijan for an amount
US$25,000 plus accrued interest payable by June 30, 2021.
The Company is pleased to confirm that this liability has now been settled in
full. 

Issue of Warrants 

The Company announces that in connection with the loan agreement of EUR 2.1
million (approximately £1.8 million or approximately NOK 21.4 million) (the
"Loan Agreement") announced to the market on May 26, 2021 with Winance, a
Dubai-based single-family office (the "Lender"), following the fulfilment of
certain conditions precedent included in the Loan Agreement by the Lender, the
Company has now issued the Lender with a total of 89,053,125 share purchase
warrants (the "Warrants") at an exercise price of NOK 0.12 (equivalent to
approximately £0.01) and with a duration of two years from the date of issue.
Each Warrant will provide the Lender the right to one new common share in the
share capital of Zenith upon exercise. 

Further Information:

Zenith Energy Ltd 	 
Andrea Cattaneo, Chief Executive Officer	Tel: +1 (587) 315 9031
 	E-mail: info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser & Broker	 
Nick 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
the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo
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 in
Africa.

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