New strategic investor in Zenith Netherlands

30 Dec 2022 17:55 CET

December 30, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

New strategic investor in Zenith Netherlands

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven
revenue generating production, exploration and development assets in Africa and
Europe is pleased to announce that it has concluded a share purchase agreement
(“SPA”) with Hingbo Industries Company Limited, a company incorporated in Hong
Kong, for the sale of a 51% interest in the issued, allotted, outstanding and
fully paid-up share capital of its fully owned subsidiary, Zenith Energy
Netherlands B.V (“Zenith Netherlands”), for a nominal consideration.

Zenith Netherlands is currently dormant and has no assets.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We are pleased to welcome a new strategic financial investor in Zenith
Netherlands, a company we shall use to pursue potentially highly prospective
future acquisition opportunities on a joint venture basis.

The Board looks forward with enthusiasm to updating shareholders on several
fronts 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 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

579433_30.12.2022 Norway .pdf