Publication of Half-Year Results

30 Nov 2022 10:01 CET

November 30, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publication of Half-Year Results

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the Africa
and Middle East focused energy production and development company, is pleased to
publish its consolidated half-yearly unaudited financial results for the six
months ended September 30, 2022 (the "Interim Results").

The Interim Results will shortly be available for download on the Company's
website (www.zenithenergy.ca) and are also provided as an attachment to this
regulatory news announcement.

Highlights:

• The Group generated revenues from oil and natural gas of CAD$11,571k (2021 –
CAD$2,344k).

• During the six months ended September 30, 2022, the Company produced 90,591
barrels of oil from its Tunisian assets (2021 – 94,662 barrels)

• During the six months ended September 30, 2022, the Company sold 79,223
barrels of oil produced from its Tunisian assets (2021 – 67,916 barrels)

• During the six months ended September 30, 2022, the Company sold 5,309 MWh of
electricity produced from its Italian assets (2021 – 2,792 MWh).

• During the six months ended September 30, 2022, the Company sold 5,623 mcf of
natural gas produced from its Italian assets (2021 – 4,742 mcf).

• During the six months ended September 30, 2022, the Company sold 137 barrels
of condensate produced from its Italian assets (2021 – nil).

Luca Benedetto, Chief Financial Officer of Zenith, commented:

"We are pleased to publish our unaudited half-year results which provide clear
evidence of the outstanding performance of our Italian natural gas and
electricity production operations.

As a management team we believe there are several potentially highly material
growth catalysts to be achieved in the near-term following the successful
implementation of our development strategy in Africa and the Middle East.

We look forward to providing further information on our exciting progress in due
course.”

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer
Tel: +1 (587) 315 1279
E: info@zenithenergy.ca

BlytheRay - Financial PR/IR
Tim Blythe, Megan Ray , Madeleine Gordon-Foxwell Tel: +44 207 138 3204
E: zenith@blytheray.com

Alternative Resource Capital - Broker

Alex Wood
Keith Dowsing
Tel: +44 (0) 207 186 9004
Tel: + 44 (0) 207 186 9005

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in Tunisia, Italy and the
Republic of the Congo, including electricity generation in Italy. The Company is
listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext
Growth of the Oslo Stock Exchange (OSE: ZENA).

Zenith's strategic focus is on pursuing transformational opportunities in the
Middle East, Africa, and Europe through the development of proven revenue
generating oil, gas, and electricity 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

577024_30.11.2022 Interim Results Norway .pdf
577024_Zenith Financial Statements 30 September 2022 - FINAL.pdf