Credit Rating Upgrade

16 Jan 2023 10:10 CET

January 16, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Credit Rating Upgrade

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 BCRA Credit Rating Agency AD (“BCRA”) has
upgraded the Company’s long-term issuer credit rating to ‘B+ with Stable
Outlook’.

BCRA is an independent credit rating agency operating since 2003. The Financial
Supervision Commission ("FSC") and European Securities and Markets Authority
("ESMA") have fully registered BCRA in accordance with Regulation (EC) No.
1060/2009 of the European Parliament and of the Council on credit rating
agencies.

The BCRA report can be viewed here:
https://bcra.eu/files/rating_zenith_jan_2023_en.pdf

Andrea Cattaneo, Chief Executive of Zenith, commented:

“We are pleased to have had our issuer credit rating upgraded following the
Company’s recent progress. It is the Board’s expectation, in view of Zenith’s
very significant revenue generation potential during 2023, that the Company
might achieve additional upgrades, which will further facilitate our access to
non-dilutive fixed income debt securities to finance our expansion.”

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer
Tel: +1 (587) 315 9031
E: info@zenithenergy.ca

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


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 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

More information:
Access the news on Oslo Bors NewsWeb site

580194_16.01.2023 Norway.pdf