August 7, 2020 

ZENITH ENERGY LTD.  

("Zenith" or the "Company")
 
Extension of LOI
 
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the
listed international oil & gas production company focused on pursuing African
development opportunities, is pleased to announce that it has extended the
duration of the non-binding Letter of Intent (“LOI”) signed with an Arab
consortium of strategic institutional investors focused on African development
opportunities, to provide an investment of US$2 million in Zenith's share
capital for a period of 90 days (the “Strategic Investment”). For reference, the
LOI was first announced to the market on March 31, 2020. 

The terms of the LOI remain unchanged. Under the terms of the LOI, the Strategic
Investment is priced at 2.5 pence per Zenith common share (equivalent to
approximately NOK 0.30). 

The Strategic Investment is conditional and subject to a number of conditions,
including the successful completion of the publicly announced Tunisian
Acquisition (currently awaiting final regulatory approval as publicly
announced), as well as the successful acquisition of two oil production licenses
currently being negotiated with a national oil authority in West Africa (as
announced to the market on March 12, 2020).

In addition, the Strategic Investment is also conditional on the appointment of
a director proposed by the investors to Zenith's Board.

Upon completion of the aforementioned acquisitions, it is anticipated that
Zenith will have an expected cumulative daily production in excess of 1,500
barrels of oil per day across its asset portfolio. 

Further Information:

Zenith Energy Ltd 	 
Andrea Cattaneo, Chief Executive Officer	Tel: +1 (587) 315 9031
 	E-mail:  info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser & Broker	 
Nick Harriss
Nick Athanas	Tel: + 44 (0) 203 328 5656
 


Notes to Editors: 
Zenith Energy Ltd. is an international oil and gas production company, listed on
the London Stock Exchange (LSE:ZEN) and the Merkur Market of the Oslo Stock
Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize value-accretive
hydrocarbon production opportunities in the onshore oil & gas sector,
specifically in Africa. The Company's board of directors and senior management
team have the experience and technical expertise to develop the Company
successfully.