Company Announcements

March 14, 2023                

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Italian Electricity Production

Zenith Energy Ltd.   (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa and Europe, provides an update on its electricity production operations at the Torrente Cigno Concession during the months of January and February 2023.

The Company produced a total of approximately 1,015 megawatt hours ("MWh") during the month of January 2023, and a total of approximately 929 MWh during the month of February 2023.

Electricity prices averaged approximately EUR 165 per MWh during January 2023 and averaged approximately EUR 156 during the month of February 2023, resulting in cumulative total net revenues of approximately EUR 313,000 for the period.

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

Further Information:

Notes to Editors:                                           

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in 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 transformational opportunities in the Middle East, Africa, and Europe 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