Establishment of At-the-Market Equity Offering Programme

10 Jul 2026 18:21 CEST

10 July 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Establishment of At-the-Market Equity Offering Programme

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed
international energy production and development company, is pleased to announce
that it has entered into an “At-the-Market” equity offering facility agreement
(the "Facility") to raise up to £2,000,000 (before expenses) over the next 12
months.

Under the terms of the Facility, market sales of new common shares of no-par
value ("Shares") will be made from time to time at the Company’s discretion
(“Facility Sales”), who will establish the parameters such as minimum price,
maximum volume and period of time under which Facility Sales of Shares may be
made. Facility Sales of Shares will only be made to investors trading on the
London Stock Exchange (LSE: ZEN).

The Facility has been established as an additional financing tool following the
£2,000,000 unsecured convertible loan facility announced on 28 April 2026. The
Company is under no obligation to utilise the Facility, either in whole or in
part, and it may never be utilised. The Company is announcing the establishment
of the Facility only. No Common Shares are being issued pursuant to the Facility
as at the date of this announcement, and the execution of the Facility does not
itself result in any dilution to existing shareholders.

At-the-market equity programmes are widely utilised by listed companies in the
United States and have become an established capital markets financing tool,
enabling issuers to access equity capital efficiently, at lower transaction
costs and with greater flexibility than traditional marketed offerings by
issuing shares incrementally into the market at prevailing market prices. Any
use of the Facility will be subject to the Board's discretion and will only
occur where it considers such sales to be in the best interests of the Company
and its shareholders.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased to have secured this flexible, efficient and cost-effective
equity capital raising capability. The Facility provides Zenith with the ability
to access capital selectively and at prevailing market prices, allowing the
Company to benefit from the strong liquidity in its shares while retaining a
high degree of control over the timing, pricing and size of any issuances,
thereby helping to minimise dilution for existing shareholders. The Company is
under no obligation to utilise the Facility, either in whole or in part, and it
may never be used. The Board will only elect to utilise the Facility where it
believes doing so is in the best interests of the Company and its shareholders."

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer



Tel: +1 (587) 315 1279
E: info@zenithenergy.ca



Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market (LSE:
ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.
For more information, please visit: www.zenithenergy.ca

Twitter: @zenithenergyltd

LinkedIn: https://bit.ly/3A5PRJb

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.

More information:
Access the news on Oslo Bors NewsWeb site

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