Publication of 2024 FY annual audited report

31 Jul 2024 18:35 CEST

July 31, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publication of 2024 FY annual audited report

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the international energy
production and development company, is pleased to announce the publication of
its independently audited annual financial results for the financial year ended
March 31, 2024 (the “Annual Report”).

The Annual Report has been provided as an attachment to this regulatory news
announcement.

A copy of the Annual Report will also be made available for review on the
Company’s website: www.zenithenergy.ca

Key Highlights

• The Group generated revenues from oil and natural gas production activities of
CAD$1,788K (2023 – CAD$13,159K).

• As of March 31, 2024, inventory consisted of CAD$2,031K (2023 – CAD$6,448K) in
respect of 9,899 barrels of crude oil produced but not yet sold in Tunisia from
the Robbana and El Bibane concessions.

• The Company sold 159,119 Mcf of natural gas from its Italian assets, as
compared to 177,246 Mcf of natural gas in the previous financial year.

Andrea Cattaneo, Chief Executive Officer, commented:

“The Annual Report underlines the very significant damage caused to Zenith and
its shareholders by the actions of the Tunisian authorities.

The Company has applied primary financial and management focus towards
successfully seeking redress for the breaches committed by the Tunisian
authorities in engaging leading legal counsel and wholly shouldering the
financially onerous and prolonged process of pursuing international arbitral
claims.

We look forward with optimism to the outcome of the ICC Arbitration initiated
against ETAP, the national oil company of Tunisia, for non-payment of oi
produced in an amount of approximately US$7.5 million, including accrued
interest for late payment, to be communicated prior to the close of 2024.

A potential positive decision will have a very material beneficial impact on the
Company’s future financial position. It will also represent a key milestone in
Zenith’s journey as it advances the significantly larger arbitration claims
against the Republic of Tunisia, ICC Arbitration for SLK and the ICSID
Arbitration for breaches of bilateral trade agreements, with decisions expected
in the first quarter of 2025 and in 2026 respectively.

I am pleased to also confirm that the Company continues with unabated energy to
pursue its claim against SMP Energies in the Paris Commercial Court, as well as
being in the process of engaging legal counsel to obtain the repayment of the
approximately US$5.3 million owed to AAOGC, a wholly owned subsidiary of Zenith
in the Republic of the Congo.

Energy production activities have continued profitably in Italy and without
interruption, the reduced revenue during the 2024 financial year being a result
of the decline in electricity and gas prices.

The Company continues to evaluate acquisition opportunities to produce oil, gas
and electricity.

We shall shortly provide further information on our growth strategy, including
the conditional acquisition of Devonian Petroleum Limited announced to the
market in December of 2023, as well as the future activities of Leopard Energy,
Inc, a US listed company purchased by Zenith to build an oil and gas production
portfolio in the USA."

Further Information:
Zenith Energy Ltd

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

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market (LSE:
ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and the Venture
Market of the OTCQB (OTCQB: ZENAF).

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

624294_Zenith Financial Statements FY 31.03.2024 - FINAL signed.pdf
624294_31.07.2024 Norway.pdf