Exercise of Warrants

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international energy production and development company, announces that certain investors, including a Non-Executive Director of the Company, have exercised warrants to acquire new common shares in the capital of the Company (the "Warrant Exercise").

The Warrant Exercise has raised an aggregate total amount of approximately US$308,000 (equivalent to approx. NOK 3,120,000 or GBP 228,000), resulting in the issuance of a total of 10,761,158 new common shares (the "Warrant Shares ").

An application for the Warrant Shares to be listed on the Equity Shares (Transition) category of the Official List and to trading on the London Stock Exchange's Main Market for listed securities will be made within 12 months of the issue of the Warrant Shares.

The warrant exercise price, as detailed in the regulatory news announcement dated October 28, 2024, is NOK 0.29 per Warrant Share.

The Warrant Shares will rank pari-passu in all respects with the existing common shares of the Company.

Director Dealing/ PDMR Shareholding

• Sergey Borovskiy, a Non-Executive Director of Zenith, has exercised warrants resulting in the issuance of 314,552 Warrants Shares of no-par value in the capital of the Company.

Upon Admission of the Warrant Shares, Mr. Borovskiy will be directly beneficially interested in a total of 8,550,488 common shares in the capital of the Company, representing 1.70% percent of the total issued and outstanding common share capital of the Company.

Total Voting Rights

The Company wishes to announce the following information, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and section 3.10 and 3.11.5 (3) of the Euronext Growth Oslo Rule Book Part II, resulting from the issuance of the Warrants Shares.