Assignment of new Debt Issuer Credit Rating

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to announce that EuroRating Sp. Zo.o ("Eurorating") has assigned the Company a long-term debt issuer credit rating of "B+ with Stable Outlook".

EuroRating is an independent credit rating agency operating since 2008 specialised in performing credit risk assessments of corporations and financial institutions. EuroRating is fully registered and regulated by the European Securities and Markets Authority ("ESMA") in accordance with Regulation (EC) No. 1060/2009 of the European Parliament on credit rating agencies and is recognised as an ECAI (External Credit Assessment Institution).

Credit ratings assigned by EuroRating are valid throughout the European Union and can be used for regulatory purposes under EU legislation by all financial institutions and are entirely equal to credit ratings issued by other credit rating agencies recognized by ESMA, without territorial or any other limitations.

The EuroRating report can be viewed here: https://www.eurorating.com/files/615687610/file/2023-10-09_Zenith_Energy_Ltd_-_rating_report_for_the_company.pdf

Luca Benedetto, Chief Financial Officer, commented:

"The assignment of a new debt issuer credit rating will assist Zenith Energy in attracting debt financing for the various business development opportunities we are evaluating in the USA, Kazakhstan, and Italy.

As a debt issuer with an unblemished track record in servicing debt and repaying fixed income investors upon maturity, we look forward with enthusiasm to further enhancing the credibility of our debt instruments."