May 31, 2021 ZENITH ENERGY LTD. ("Zenith" or the "Company") Debt Reduction & Issue of WarrantsZenith 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. OnApril 23, 2021 , the Company announced that, in relation to itsUS$2.5 million convertible loan facility (the "Facility") it had reduced its liability in respect of the Facility toUS$0.07 million . The Company is pleased to confirm that, following recent repayments, the current liability in relation to the Facility now stands at approximatelyUS$0.6 million . Further, as last announced onApril 23, 2021 , the Company had an outstanding credit agreement with a financial institution inAzerbaijan for an amountUS$25,000 plus accrued interest payable byJune 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 ofEUR 2.1 million (approximately £1.8 million or approximatelyNOK 21.4 million ) (the "Loan Agreement") announced to the market onMay 26, 2021 with Winance, aDubai -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 ofNOK 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.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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