Update on Italian Electricity Production

14 Mar 2023 08:00 CET

March 14, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Italian Electricity Production

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven
revenue generating production, exploration and development assets in Africa and
Europe, provides an update on its electricity production operations at the
Torrente Cigno Concession during the months of January and February 2023.

The Company produced a total of approximately 1,015 megawatt hours ("MWh")
during the month of January 2023, and a total of approximately 929 MWh during
the month of February 2023.

Electricity prices averaged approximately EUR 165 per MWh during January 2023
and averaged approximately EUR 156 during the month of February 2023, resulting
in cumulative total net revenues of approximately EUR 313,000 for the period.

Zenith's current net production costs remain fixed at approximately EUR 35,000
per month.

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 in Africa, the Middle East and
Europe, 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:
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