May 10, 2021 
 
ZENITH ENERGY LTD.

("Zenith" or the "Company")

Norwegian institutional investment in Zenith 

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 secured Norwegian
institutional investment in Zenith by way of a private placement in Norway which
has also attracted the participation of a high-net-worth private investor (the
"Private Placement"). 

The Private Placement has resulted in the issuance of 60 million new common
shares in the share capital of the Company (the "Private Placement Shares") for
a total consideration of NOK 6,000,000 (approximately £ 522,000 or EUR 600,000).
It is expected that the Private Placement Shares will be issued today: May 10,
2021. 

Subscription Price

The subscription price of the Placement Shares was NOK 0.10 (equivalent to
approximately £0.087), a discount of approximately 8.75 percent in respect of
the closing price of the Company's common shares admitted to trading on the
Euronext Growth of the Oslo Stock Exchange on May 7, 2021. 

Issue of Share Purchase Warrants  

The Company has issued the following share purchase warrants ("Warrants") as
part of the Private Placement: 
o	45 million Warrants with an exercise price of NOK 0.25 expiring within 12
months from the date of issuance 

o	15 million Warrants with an exercise price of NOK 0.325 expiring within 12
months from the date of the issuance 
Each Warrant will provide the investor the right to one new common share in the
share capital of Zenith upon exercise. 

Use of Proceeds

Proceeds from the Private Placement will be deployed to fund planned field
development activities to be performed in the recently acquired Ezzaouia, El
Bibane and Robbana concessions in Tunisia, as well as providing additional
general working capital to support Zenith's broader development activities in
Africa.  


Total Voting Rights

The Company wishes to announce, in accordance with the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules and section 3.10 of the
Euronext Growth Oslo Rule Book Part II, the following revised information
resulting from the issuance of the Private Placement 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 the London
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 	1,268,889,331	1	1,268,889,331
 
The above figure for total number of common shares may be used by shareholders
in the Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to their
interest in, the Company under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
 
Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"In view of an unsolicited expression of interest from a well-respected
Norwegian institutional investor wishing to take a position in the share capital
of Zenith, the Board is very pleased to accept this investment which enables the
entry of what is hoped to be a long-term, potential cornerstone Norwegian
institutional investor.  
I am aware that this private placement might be perceived as in contradiction to
my comment included in the market announcement dated April 30, 2021 in which I
stated that additional capital raised by way of private placements would not be
anticipated until the end of Q2 2021.

However, it is important to underline that this investment has been accepted on
a strategic level and in order to reinforce the Zenith's capital markets outlook
in Norway, as well as providing additional funding for Zenith to implement its
development and acquisition objectives. 

The management team and I are currently in Africa and we look forward to
reporting on additional progress in due course." 


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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