Publication of 2022 FY Annual Audited Report

Publication of 2022 FY Annual Audited Report

29 Aug 2022 22:16 CEST

August 29, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publication of 2022 FY Annual Audited Report

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue
generating production, exploration and development assets in Africa and Europe,
is pleased to publish its independently audited financial results (the "Annual
Report") for the financial year ended March 31, 2022 ("2022 FY" or the
"Period").

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

A copy of the Annual Report will also shortly be made available on the Company's
website at: www.zenithenergy.ca

Key Highlights

During the financial year ended March 31, 2022, the Company:

• Generated revenues from the production of oil, gas, and electricity of
CAD$8,239,000 (2021 - CAD$596,000).
• Held inventory awaiting sale of 116,391 barrels of crude oil that had been
produced in Tunisia.
• Produced and sold 131,556 Mcf of natural gas from its Italian assets (as
compared to 12,713 Mcf for the corresponding period for the financial year ended
March 31, 2021).
• Recorded an after-tax profit of CAD$64,437,000 (compared to an after-tax
profit of CAD$3,525,000 for the financial year ended March 31, 2021).

Luca Benedetto, Chief Financial Officer, commented:

"This positive set of results for the 2022 FY clearly demonstrate the Company's
unprecedented revenue generation which has been supported by the favourable
energy pricing environment. During the period, the Company also displayed strong
attention to cost control, whilst continuing to pursue an ambitious growth
programme in respect of developing the existing portfolio and acquiring new
assets. Additionally, Zenith's operating results have markedly improved over the
corresponding period for the past financial year, and we expect this trend to
continue into 2023.

As we look towards the next financial year, it is our intention to take every
necessary step in the near-term to ensure that our production activities are
maximised, and, with equal focus, that our portfolio is enriched by the
acquisition of new assets that can contribute, potentially in a transformational
manner, to the sustained, long-term profitability of the Company."

-ENDS-

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer
Tel: +1 (587) 315 9031
E: [email protected]

BlytheRay - Financial PR/IR

Tim Blythe, Megan Ray, Madeleine Gordon-Foxwell Tel: +44 207 138 3204
E: [email protected]

Alternative Resource Capital - Broker

Alex Wood
Keith Dowsing
Tel: +44 (0) 207 186 9004
Tel: + 44 (0) 207 186 9005

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in Tunisia, Italy and the
Republic of the Congo, 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 Africa
and Europe through the development of proven revenue generating oil, gas and
electricity 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

570027_29.08.2022 Norway.pdf
570027_Annual Report Zenith Energy 31.03.2022.pdf

Source

Zenith Energy Ltd

Provider

Oslo Børs Newspoint