Update on Italian Energy Production

10 Oct 2024 12:20 CEST

October 10, 2024


ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Italian Energy Production


Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTCQB:
ZENAF), the listed international energy production and development company, is
pleased to provide an update on its Italian energy production activities.

Italian Electricity Production - Torrente Cigno Concession ("Torrente Cigno")

The Company continues to generate electricity at the Torrente Cigno with an
average monthly production of approximately 1,000 megawatt hours ("MWh") during
the months of July, August and September 2024 (the “Period”).

Electricity prices averaged approximately EUR 120 per MWh across the Period,
resulting in cumulative net revenues of approximately EUR 360,000 for the
Period.

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

Sant'Andrea natural gas production concession ("Sant'Andrea")

The Company had previously indicated an expected commencement of production
activities during the month of October 2024.

Zenith is still awaiting certain bureaucratic formalities to be completed and
will endeavour to commence production operations at the earliest opportunity
once the necessary approvals are received.

An initial production rate of approximately 1,500 cubic metres of natural gas is
expected upon the successful reactivation of Sant’Andrea.

Andrea Cattaneo, Chief Executive Officer, commented:

“Our Italian energy production portfolio continues to deliver robust
profitability, buoyed by recent increases in the energy pricing.

We continue to explore potential acquisition opportunities within Italy, whilst
at the same time awaiting completion of the necessary formalities to reactivate
Sant’Andrea.

In view of the highly successful energy production activities at Torrente Cigno
over recent years – and the recognition by the EU Parliament of natural gas as a
‘green fuel’ – the Company will seek to attract financing in 2025 to support the
development of Torrente Cigno, fulfilling a long-held strategic objective to
potentially significantly increase production and associated profitability.”



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

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