Third MOU for oil production asset in Kazakhstan

19 Sep 2023 10:45 CEST

September 19, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Third MOU for oil production asset in Kazakhstan

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production
and development company, is pleased to announce that it has signed a third MOU
(the "MOU") with a company incorporated in Kazakhstan (the "Seller") to evaluate
the potential acquisition of an oil production and development asset.

The Seller holds a 100% interest in an oil production and development asset
located in the Atyrau Region of Kazakhstan (the "Potential Acquisition").

The Potential Acquisition formerly produced from wells drilled in 2008 at a rate
of approximately 200 barrels of oil per day prior to the onset of the COVID-19
pandemic. Production is currently suspended. The Potential Acquisition was
re-tendered by the local authorities, free of any legal or financial
encumbrances, in August 2023.

The purpose of the MOU is to formalise a framework whereby Zenith's interest in
the Potential Acquisition may be completed subject to the completion of a
rigorous technical and financial due diligence.

According to the terms of the MOU, commercial terms for the Potential
Acquisition, if agreed between the parties, are to be formalised by way of a
share purchase agreement on or before November 30, 2023.

The 2P (proven and probable) reserves of the Potential Acquisition have been
quantified in the amount of approximately 5 million barrels of oil, registered
with the Kazakhstan State Oil Balance List. This evaluation has not been
performed in accordance with Canadian securities laws, specifically the COGE
Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and
Gas Activities.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased to have signed an MOU for the third potential acquisition
opportunity we intend to evaluate in Kazakhstan, located in the geographic
vicinity of the first potential acquisition opportunity announced to the market
on September 4, 2023.

Our strategy, to be achieved through our acquisition campaign in the USA and
Kazakhstan, is to create a profitable, revenue generating energy production
portfolio with significant untapped potential for long-term development in
assets with uncomplicated geologies situated in commercially favourable
jurisdictions.”


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, Matt Bowld
Tel: +44 207 138 3204
E: zenith@blytheray.com

Allenby Capital Limited - Financial Adviser

Nick Harriss

Daniel Dearden-Williams Tel: + 44 (0) 203 328 5656


Miriad Limited - Media Enquiries
Zak Mir Tel: +44 7867527659
E: zak@zakmir.com



Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets 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 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

599765_19.09.2023 Norway.pdf