Zenith announces the outcome of its offering of Swedish Depository Receipts in connection with the planned listing on Spotlight Stock Market - trading is expected to commence on October 7, 2025

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Zenith announces the outcome of its offering of Swedish Depository Receipts inconnection with the planned listing on Spotlight Stock Market - trading isexpected to commence on October 7, 2025

The subscription period in Zenith Energy Ltd.'s ("Zenith" or the "Company")(LSE: ZEN; OSE: ZENA) issue of Swedish Depository Receipts ("SDR") inconnectionwith the listing on Spotlight Stock Market (the "Offering") ended on September23, 2025. The Offering was subscribed to approximately SEK 6.9 million,corresponding to a subscription rate of approximately 27.5 percent. Theremaining portion up to approximately 79.7 percent subscription of theOffering,corresponding to approximately SEK 13.0 million or approximately 52.2 percentofthe Offering, is allocated to guarantors in accordance with entered top-downguarantee commitments. Zenith will receive approximately SEK 19.9 millionbeforeissue costs. Through the Offering, Zenith will have over 300 SDR holders. TheCompany's SDRs are expected to start trading on October 7, 2025, under theticker ZENA SDR with ISIN-code SE0025938210.

"We are very pleased with the strong interest shown in connection with ourSwedish listing, and would like to warmly welcome all new investors to ZenithEnergy. I look forward to continuing our growth journey together with bothcurrent and new investors.", commented Andrea Cattaneo, CEO of Zenith EnergyLtd.

Outcome of the Offering

The subscription period for the Company's Offering of SDRs ended on September23, 2025. The Offering was subscribed to approximately SEK 6.9 million,corresponding to a subscription rate of approximately 27.5 percent. Theremaining portion up to approximately 79.7 percent subscription of theOffering,corresponding to approximately SEK 13.0 million or approximately 52.2 percentofthe Offering, is allocated to guarantors in accordance with entered top-downguarantee commitments.

The subscription price in the Offering was SEK 0.45 per SDR. Through theOffering, Zenith will receive approximately SEK 19.9 million before thededuction of issue costs of approximately SEK 1.4 million and cash guaranteecompensation of approximately SEK 1.6 million.

Allocation

Decision on the allocation of SDRs has been made in accordance with theprinciples set out in the memorandum that the Company published on September8,2025. In total, approximately 308 accounts have been allocated SDRs.Notification of the allocation of SDRs will be communicated through issuanceoftransaction notes. Allocated SDRs must be paid for in accordance with theinstructions on the transaction note. Notifications will only be sent to thosewho have been allocated SDRs.

Preliminary timetable

September 24, 2025: Transaction notes are expected to be deliveredSeptember 29, 2025: Settlement dateOctober 7, 2025: New expected first day of trading in the Company's SDRs

Share Capital, SDRs and dilution

The share capital in the Company will increase by approximately CAD 2,721,418from CAD 87,490,000 to approximately CAD 90,211,418 and the represented numberof outstanding shares will increase by 44,304,602 newly issued shares from503,985,620 to 548,290,222, resulting in a dilution of approximately 8.1percent.All values relating to the share capital increase in CAD are preliminary andbased on the CAD/SEK exchange rate of SEK 6.81683 as published by the Riksbankon September 5, 2025.

Advisors

Eminova Partners Corporate Finance AB acts as financial advisor andAdvokatfirman Schjødt acts as legal advisor as to Swedish law and McCarthyTétrault LLP acts as legal advisor as to Canadian law in connection with theOffering. Eminova Fondkommission AB acts as the issue agent.For more information, please contact:Andrea Cattaneo, Director, President and CEOPhone: +1 (587) 315 1279 Email: info@zenithenergy.ca

About us

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
ZEN and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).
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.

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Forward-looking statements

This press release contains forward-looking statements, which do not representhistorical facts. These statements are typically identified by words such as"will," "expect," "believe," "estimate," "intend," "assume," and similarexpressions. They reflect the Company's current intentions, expectations, orassumptions and are based on management's current plans, estimates, andforecasts.Forward-looking statements involve known and unknown risks, uncertainties, andother factors that are difficult to predict and, in many cases, are beyond theCompany's control. Actual results, performance, or events may differmateriallyfrom those expressed or implied in such forward-looking statements. Readersshould not place undue reliance on these statements.

Information to distributors

Solely for the purposes of the product governance requirements containedwithin:(a) EU Directive 2014/65/EU on markets in financial instruments, as amended("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU)2017/593 supplementing MiFID II; and (c) local implementing measures(together,the "MiFID II Product Governance Requirements"), and disclaiming all and anyliability, whether arising in tort, contract or otherwise, which any"manufacturer" (for the purposes of the MiFID II Product GovernanceRequirements) may otherwise have with respect thereto, the shares in theCompanyhave been subject to a product approval process, which has determined thatsuchshares are: (i) compatible with an end target market of retail investors andinvestors who meet the criteria of professional clients and eligiblecounterparties, each as defined in MiFID II; and (ii) eligible fordistributionthrough all distribution channels as are permitted by MiFID II (the "TargetMarket Assessment"). Notwithstanding the Target Market Assessment,distributorsshould note that: the price of the shares in the Company may decline andinvestors could lose all or part of their investment; the shares in theCompanyoffer no guaranteed income and no capital protection; and an investment in theshares in the Company is compatible only with investors who do not need aguaranteed income or capital protection, who (either alone or in conjunctionwith an appropriate financial or other adviser) are capable of evaluating themerits and risks of such an investment and who have sufficient resources to beable to bear any losses that may result therefrom. The Target MarketAssessmentis without prejudice to the requirements of any contractual, legal orregulatoryselling restrictions in relation to the share issue. Furthermore, it is notedthat, notwithstanding the Target Market Assessment, the joint bookrunners willonly procure investors who meet the criteria of professional clients andeligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute:(a) an assessment of suitability or appropriateness for the purposes of MiFIDII; or (b) a recommendation to any investor or group of investors to investin,or purchase, or take any other action whatsoever with respect to the shares inthe Company.Each distributor is responsible for undertaking its own Target MarketAssessmentin respect of the shares in the Company and determining appropriatedistributionchannels.

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