Update on Electricity Production

Update on Electricity Production

14 Jun 2022 14:20 CEST

June 14, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Electricity Production

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the listed international energy
production and development company, is pleased to provide an update on its
electricity production operations at the Torrente Cigno concession in Italy
during the month of May 2022.

During the month of May 2022, the Company produced a total of approximately
875.6 megawatt hours ("MWh").

Electricity prices during the month of May 2022 averaged approximately EUR 223
per MWh, resulting in net revenues of approximately EUR 195,000. Zenith's
current net production costs remain fixed at approximately EUR 35,000 per month.

Luca Benedetto, Chief Financial Officer and Managing Director of Italian
operations, commented:

"Zenith's Italian electricity production operations continue to deliver
sustained, highly material profitability.

We have performed certain maintenance work during the month of May 2022 at
Torrente Cigno, and have further work planned throughout this month, with a view
to increasing our production during the second part of 2022.

Beyond Torrente Cigno, our Italian portfolio presents several exciting
development opportunities, and we hope to deliver news on this front during the
year once we receive the necessary approvals to develop the Company's other
natural gas production concessions."

Further Information:

Zenith Energy Ltd

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

BlytheRay - Financial PR/IR
Tim Blythe, Alice McLaren, 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 an international oil, gas, and electricity production
company, listed on the London Stock Exchange Main Market (LSE: ZEN) and the
Euronext Growth Market of the Oslo Stock Exchange (OSE: ZENA).
Zenith's growth strategy is to successfully develop its existing portfolio of
energy production assets in Italy and Africa, as well as to proactively identify
and acquire any additional energy production and development opportunities in
these regions.

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

564878_14.06.2022 Norway.pdf

Source

Zenith Energy Ltd

Provider

Oslo Børs Newspoint