ZENA: Financing in Norway

July 21, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Financing in Norway

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed
international energy production and development company, announces that it has
completed a private placement of common shares of no par value (the "Common
Shares") with institutional investors in Norway (the "Financing"). 

Financing

The Financing has attracted the participation of existing institutional
investors to raise an aggregate total amount of approximately £2,116,000
(equivalent to approx. NOK 27,500,000 or US$2,848,000), resulting in the
issuance of a total of 50,000,000 new common shares ("New Common Shares").

Issue Price

The Financing was completed at a subscription price of NOK 0.55 per New Common
Share, representing a discount of approximately 0.36 per cent. to the closing
price of the Company's Common Shares on Euronext Growth Oslo on July 20, 2026.
Admission and Total Voting Rights

Following Admission, the Company will have 764,756,457 Common Shares in issue,
each carrying one vote. This figure may be used by shareholders as the
denominator for the purposes of the FCA's Disclosure Guidance and Transparency
Rules and section 3.10 and 3.11.5 (3) of the Euronext Growth Oslo Rule Book Part
II.
The Common Shares have been validly issued, are fully paid and have been duly
registered in the Company's register of holders of Common Shares.

In connection with the Financing, the Company has issued 50,000,000 share
purchase warrants (the "Warrants") on a one-for-one basis, with each Warrant
entitling the holder to subscribe for one Common Share at an exercise price of
NOK 0.675 (equivalent to approximately £0.0519).

The Warrants have a duration of two years from the date of issue.

Use of Proceeds

The Company plans to use the funds received in connection with the Financing to:
(i) provide finance for the due diligence and construction of the new biogas
project announced yesterday;(ii) provide additional funding for its legal
expenses in connection with international arbitration proceedings initiated by
its wholly owned subsidiaries; (ii) advance the continued development of its
solar energy portfolio, including the construction of certain ready-to-build
sites, in line with previous regulatory disclosures; and (v) for general working
capital purposes.

Equal Treatment of Shareholders

The Board has carefully considered the Financing in light of the principle of
equal treatment of shareholders under the rules applicable to companies whose
securities are admitted to trading on Euronext Growth Oslo and the Spotlight
Stock Market. The Board is satisfied that the Financing has been carried out in
compliance with these principles.
In reaching its decision, the Board placed particular emphasis on the need to
secure additional capital in an efficient and timely manner, at a market-based
price and with a high degree of certainty of completion. Conducting a broader
offering to existing shareholders would likely have required a significantly
longer execution period, increased costs and documentation requirements, and
exposed the Company to greater market volatility and execution risk.
The Board further notes that the subscription price under the Financing
represents only a nominal discount of approximately 0.36 per cent. to the
closing market price of the Company's Common Shares immediately prior to the
launch of the Financing. The Board therefore considers that the terms of the
Financing are fair and reasonable and are in the best interests of the Company
and all of its shareholders.

Andrea Cattaneo, Chief Executive Officer, commented:

"The Company's portfolio represents a compelling value proposition, combining
revenue-generating energy production assets with near-term development
opportunities across its Italian renewable energy business.
 Our solar portfolio is now approaching the significant milestone of a 200 MWp
development pipeline, while our expansion into biogas represents a natural
evolution of our strategy, leveraging our long-standing expertise in the sale of
methane gas through the production of renewable biomethane.

In addition, there is significant upside potential associated with our
investment as the largest shareholder in Reveille Resources Plc, the recently
London-listed uranium exploration company, which has commenced the development
of what we believe is one of Europe's most significant historical uranium
exploration portfolios.
The Company commenced construction of its first solar energy production facility
in July 2026 and intends to bring additional ready-to-build projects into
construction and subsequent production. Depending on market conditions, certain
projects may also be monetised to generate cash and crystallise value.

The Financings were completed at a minimal discount of approximately 0.36 per
cent. to the Company's closing share price on the previous trading day,
reflecting the confidence of institutional investors in our industrial strategy.
This confidence is further underpinned by the potential value associated with
the international arbitration proceedings initiated by the Company's
subsidiaries against the Republic of Tunisia following the expropriation of
their oil production and development assets.

The additional funding strengthens the Company's balance sheet, enables us to
continue advancing each of the key pillars of our strategy, and positions Zenith
to deliver further operational and corporate milestones."

Further Information:

Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer	 
 
Tel: +1 (587) 315 1279
 
E:     info@zenithenergy.ca

 

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market (LSE:
ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).
Zenith's strategic focus is on pursuing development opportunities 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
 
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. 
ant 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. \