Sale of Tunisian oil production

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

July 8, 2021                                

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Sale of Tunisian oil production

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it has agreed an international crude oil lifting, scheduled to take place during the month of July 2021, of approximately 68,000 barrels net to Zenith (including approximately 20,000 barrels of domestic market sales) for total receivables of approximately US$4.5 million.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We are delighted to have agreed our first sale of Tunisian oil production during a period of high oil prices.

The Company will apply the significant additional funding towards accelerating our planned field development rehabilitation and drilling activities in Robbana and El Bibane, as well as within the Ezzaouia concession following agreement with our partners, to achieve a maximisation of oil production in the near-term."

Further Information:

Notes to Editors: 

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).

Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.