Lifting of crude oil production from Tunisia - US$6.4 million

Lifting of crude oil production from Tunisia - US$6.4 million

22 Apr 2022 09:50 CEST

April 22, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Lifting of crude oil production from Tunisia - US$6.4 million

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed
international energy production and development company, is pleased to announce
that an international crude lifting of approximately 62,000 barrels of oil has
successfully been concluded at a price of approximately US$103 per barrel for
production from its 45% interest in the Ezzaouia concession, as well its 100%
interest in the El Bibane and Robbana concessions.

Total receivables from the sale are expected to be approximately US$6.4 million
and are to be paid during the month of May 2022.

A second international crude lifting for a quantity of at least approximately
52,000 barrels of oil produced from the Company's 22.5% working interest in the
Sidi El Kilani concession (onshore Tunisia) is expected to take place in June
2022.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are extremely pleased to have sold our production in the current very
favourable oil price environment, registering a significant improvement over our
first sale of Tunisian crude announced on July 8, 2021.

We shall use the proceeds to further strengthen our investment in the
development of our Tunisian portfolio in close cooperation with our partners,
having the objective of increasing our daily in-country net production to a
level of 1,000 bopd by way of workover and drilling activities to be performed
in the months ahead in the Ezzaouia and Robbana concessions.

The performance of our energy production activities in Italy and Tunisia gives
Zenith unprecedented financial security and the required operating cash flow to
successfully deliver on our operational and business development strategy across
the portfolio."

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer

Tel: +1 (587) 315 1279
E: [email protected]

Alternative Resource Capital - Broker

Alex Wood, Keith Dowsing

Tel: +44 (0) 207 186 9004

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.

Notes to Editors:

Zenith Energy Ltd. is an international oil and gas 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 development strategy is to identify and rapidly complete
value-accretive hydrocarbon production opportunities in the oil & gas sector,
specifically in Africa.

Follow us on LinkedIn: https://www.linkedin.com/company/zenith-energy-limited/

More information:
Access the news on Oslo Bors NewsWeb site

559756_22.04.2022 Norway .pdf

Source

Zenith Energy Ltd

Provider

Oslo Børs Newspoint