Zenith approved for listing on Spotlight Stock Market

30 Sep 2025 11:30 CEST

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR
INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, BELARUS, CANADA, HONG KONG,
JAPAN, NEW ZEALAND, RUSSIA, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND OR
ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION OR PUBLICATION WOULD
BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURE.

Zenith approved for listing on Spotlight Stock Market

Zenith Energy Ltd. (“Zenith” or the “Company”) (LSE: ZEN; OSE: ZENA), the listed
international energy production and development company, has received final
approval for admission to trading of the Company’s Swedish Depository Receipts
(“SDRs”) on Spotlight Stock Market. Trading is expected to commence on October
7, 2025.

Expected first day of trading on Spotlight Stock Market: October 7, 2025
Ticker: ZENA SDR
ISIN: SE0025938210

Advisors

Eminova Partners Corporate Finance AB acts as financial advisor and
Advokatfirman Schjødt acts as legal advisor as to Swedish law and McCarthy
Tétrault LLP acts as legal advisor as to Canadian law in connection with the
listing. Eminova Fondkommission AB acts as the issue agent.

For more information, please contact:

Andrea Cattaneo, Director, President and CEO
Phone: +1 (587) 315 1279
Email: info@zenithenergy.ca

About us

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) 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.

Important information

In certain jurisdictions, the publication, announcement or distribution of this
press release may be subject to restrictions according to law. Persons in such
jurisdictions where this press release has been published or distributed should
inform themselves, observe and abide by such restrictions. The recipient of this
press release is responsible for using this press release, and the information
herein, in accordance with applicable rules in the respective jurisdiction. This
press release does not constitute an offer to, or an invitation to, acquire or
subscribe any securities in the Company in any jurisdiction, not from the
Company or any other person.
This press release is not a prospectus within the meaning of Regulation (EU)
2017/1129 (the "Prospectus Regulation") and has not been approved or reviewed by
any regulatory authority in any jurisdiction. A prospectus will not be prepared
in connection with the Rights Issue. Nor does this press release constitute an
exemption document in the form prescribed by the Prospectus Regulation Annex IX.

This press release does not constitute an offer or invitation concerning the
acquisition or subscription of securities in the United States. The securities
referred to herein may not be sold in the United States without registration, or
without the application of an exemption from registration, according to the U.S.
securities act from 1933 ("Securities Act"), and may not be offered or sold in
the United States without registration, covered by an exemption from, or in a
transaction not covered by accounts. There is no intent to register any
securities mentioned herein in the United States or to submit a public offer
regarding such securities in the United States. The information in this press
release must not be published, published, copied, reproduced or distributed,
directly or indirectly, in whole or in part, in or to the United States
(including its territories and provinces, each state in the US and District of
Columbia), Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia,
Singapore, South Africa, South Korea, Switzerland or any other jurisdiction
where such publication, publication or distribution of this information would be
contrary to the applicable rules or where such a measure is subject to legal
restrictions or would require further registration or other measures than what
follows of Swedish law. Actions in violation of this instruction may breach
applicable securities legislation.

In the United Kingdom, this press release and any other materials in relation to
the securities described herein is only being distributed to, and is only
directed at, and any investment or investment activity to which this press
release relates is available only to, and will be engaged in only with,
“qualified investors” who are (i) persons having professional experience in
matters relating to investments who fall within the definition of “investment
professionals” in Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”); (ii) high net worth entities
etc. falling within Article 49(2)(a) to (d) of the Order; or (iii) such other
persons to whom such investment or investment activity may lawfully be made
available under the Order (all such persons together being referred to as
“relevant persons”). In the United Kingdom, any investment or investment
activity to which this communication relates is available only to, and will be
engaged in only with, relevant persons. Persons who are not relevant persons
should not take any action on the basis of this press release and should not act
or rely on it.

Forward-looking Statements

This press release may contain forward-looking statements. Such statements are
not statements of historical fact and are generally identified by words such as
“will,” “expects,” “believes,” “estimates,” “intends,” “assumes,” and similar
expressions. These statements reflect the Company’s current intentions, beliefs,
or expectations based on its present plans, estimates, and forecasts. However,
forward-looking statements are subject to known and unknown risks,
uncertainties, and other factors, many of which are beyond the Company’s
control. Actual results, performance, or events may differ materially from those
expressed or implied in these statements. Readers are therefore cautioned not to
place undue reliance on such forward-looking statements.

Information to distributors

Solely for the purposes of the product governance requirements contained within:
(a) EU Directive 2014/65/EU on markets in financial instruments, as amended
(“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU)
2017/593 supplementing MiFID II; and (c) local implementing measures (together,
the “MiFID II Product Governance Requirements”), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which any
“manufacturer” (for the purposes of the MiFID II Product Governance
Requirements) may otherwise have with respect thereto, the shares in the Company
have been subject to a product approval process, which has determined that such
shares are: (i) compatible with an end target market of retail investors and
investors who meet the criteria of professional clients and eligible
counterparties, each as defined in MiFID II; and (ii) eligible for distribution
through all distribution channels as are permitted by MiFID II (the “Target
Market Assessment”). Notwithstanding the Target Market Assessment, distributors
should note that: the price of the shares in the Company may decline and
investors could lose all or part of their investment; the shares in the Company
offer no guaranteed income and no capital protection; and an investment in the
shares in the Company is compatible only with investors who do not need a
guaranteed income or capital protection, who (either alone or in conjunction
with an appropriate financial or other adviser) are capable of evaluating the
merits and risks of such an investment and who have sufficient resources to be
able to bear any losses that may result therefrom. The Target Market Assessment
is without prejudice to the requirements of any contractual, legal or regulatory
selling restrictions in relation to the share issue. Furthermore, it is noted
that, notwithstanding the Target Market Assessment, the joint bookrunners will
only procure investors who meet the criteria of professional clients and
eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to the shares in
the Company.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the shares in the Company and determining appropriate distribution
channels

More information:
Access the news on Oslo Bors NewsWeb site

656419_30.09.2025 Norway.pdf