Publication of 2024 FY Annual Audited Report

Rhea-AI Summary

Zenith Energy (LSE:ZEN)(OSE:ZENA)(OTCQB:ZENAF) has published its audited annual financial results for the year ended March 31, 2024. Key highlights include:

- Revenue from oil and gas production: CAD$1,788K (down from CAD$13,159K in 2023)
- Inventory: CAD$2,031K (9,899 barrels of crude oil in Tunisia)
- Natural gas sales from Italian assets: 159,119 Mcf (down from 177,246 Mcf)

CEO Andrea Cattaneo emphasized the company's focus on seeking redress for breaches by Tunisian authorities, including an ongoing ICC Arbitration against ETAP for non-payment of approximately US$7.5 million. Zenith continues to evaluate acquisition opportunities and will provide updates on its growth strategy, including the conditional acquisition of Devonian Petroleum

Positive

• Ongoing ICC Arbitration against ETAP for non-payment of approximately US$7.5 million, with decision expected by end of 2024
• Continued profitable energy production activities in Italy
• Pursuing claim against SMP Energies in Paris Commercial Court
• Evaluating acquisition opportunities for oil, gas, and electricity production

Negative

• Revenue decreased significantly from CAD$13,159K in 2023 to CAD$1,788K in 2024
• Natural gas sales from Italian assets declined from 177,246 Mcf to 159,119 Mcf
• Inventory value decreased from CAD$6,448K to CAD$2,031K
• Reduced revenue in 2024 due to decline in electricity and gas prices

CALGARY, AB / ACCESSWIRE / August 2, 2024 / Zenith Energy Ltd. (LSE:ZEN)(OSE:ZENA)(OTCQB:ZENAF), the international energy production and development company, is pleased to announce the publication of its independently audited annual financial results for the financial year ended March 31, 2024 (the "Annual Report").

A copy of the Annual Report is available for review on the Company's website: www.zenithenergy.ca

Key Highlights

• The Group generated revenues from oil and natural gas production activities of CAD$1,788K (2023 - CAD$13,159K)

• As of March 31, 2024, inventory consisted of CAD$2,031K (2023 - CAD$6,448K) in respect of 9,899 barrels of crude oil produced but not yet sold in Tunisia from the Robbana and El Bibane concessions.

• The Company sold 159,119 Mcf of natural gas from its Italian assets, as compared to 177,246 Mcf of natural gas in the previous financial year.

Andrea Cattaneo, Chief Executive Officer, commented:

"The Annual Report underlines the very significant damage caused to Zenith and its shareholders by the actions of the Tunisian authorities.

The Company has applied primary financial and management focus towards successfully seeking redress for the breaches committed by the Tunisian authorities in engaging leading legal counsel and wholly shouldering the financially onerous and prolonged process of pursuing international arbitral claims.

We look forward with optimism to the outcome of the ICC Arbitration initiated against ETAP, the national oil company of Tunisia, for non-payment of oil produced in an amount of approximately US$7.5 million, including accrued interest for late payment, to be communicated prior to the close of 2024.

A potential positive decision will have a very material beneficial impact on the Company's future financial position. It will also represent a key milestone in Zenith's journey as it advances the significantly larger arbitration claims against the Republic of Tunisia, ICC Arbitration for SLK and the ICSID Arbitration for breaches of bilateral trade agreements, with decisions expected in the first quarter of 2025 and in 2026 respectively.

I am pleased to also confirm that the Company continues with unabated energy to pursue its claim against SMP Energies in the Paris Commercial Court, as well as being in the process of engaging legal counsel to obtain the repayment of the approximately US$5.3 million owed to AAOGC, a wholly owned subsidiary of Zenith in the Republic of the Congo.

Energy production activities have continued profitably in Italy and without interruption, the reduced revenue during the 2024 financial year being a result of the decline in electricity and gas prices.

The Company continues to evaluate acquisition opportunities to produce oil, gas and electricity.

We shall shortly provide further information on our growth strategy, including the conditional acquisition of Devonian Petroleum Limited announced to the market in December of 2023, as well as the future activities of Leopard Energy, Inc, a US listed company purchased by Zenith to build an oil and gas production portfolio in the USA."

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 the Venture Market of the OTCQB (OTCQB:ZENAF).

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

SOURCE: Zenith Energy Ltd.

View the original press release on accesswire.com

FAQ

What was Zenith Energy's (ZENAF) revenue for the fiscal year 2024?

Zenith Energy's revenue from oil and natural gas production activities for the fiscal year 2024 was CAD$1,788K, down from CAD$13,159K in 2023.

How much natural gas did Zenith Energy (ZENAF) sell from its Italian assets in FY 2024?

Zenith Energy sold 159,119 Mcf of natural gas from its Italian assets in fiscal year 2024, compared to 177,246 Mcf in the previous financial year.

What is the status of Zenith Energy's (ZENAF) arbitration against ETAP?

Zenith Energy has an ongoing ICC Arbitration against ETAP, the national oil company of Tunisia, for non-payment of oil produced, amounting to approximately US$7.5 million. A decision is expected before the end of 2024.

What acquisition is Zenith Energy (ZENAF) considering as part of its growth strategy?

Zenith Energy is considering the conditional acquisition of Devonian Petroleum , which was announced to the market in December 2023.