Zenith Energy Ltd. Publication of Half-Year Results

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Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF) has published its consolidated half-yearly unaudited financial results for the six months ended September 30, 2023. The company generated revenues of CAD$1,362k, produced 1,789 barrels of oil from Tunisian assets, and sold electricity, natural gas, and condensate from Italian assets. The company aims for long-term development and commercial success through strategic acquisitions in Kazakhstan and the USA.

CALGARY, AB / ACCESSWIRE / December 29, 2023 / Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF),the listed international energy production and development company with a focus on opportunities in Central Asia and the USA, is pleased to publish its consolidated half-yearly unaudited financial results for the six months ended September 30, 2023 (the "Interim Results").

The Interim Results will shortly be published on the Company's website (www.zenithenergy.ca) and filed on the FCA National Storage Mechanism.

Highlights

Highlights for the six months ended September 30, 2023, include the following:

• The Group generated revenues from oil and natural gas of CAD$1,362k (2022 - CAD$11,571k).
• During the six months ended September 30, 2023, the Company produced 1,789 barrels of oil from its Tunisian assets (2022 - 90,591 barrels)
• During the six months ended September 30, 2023, the Company sold Nil barrels of oil produced from its Tunisian assets (2022 - 79,223 barrels)
• During the six months ended September 30, 2023, the Company sold 4,350 MWh of electricity produced from its Italian assets (2022 - 5,309 MWh).
• During the six months ended September 30, 2023, the Company sold 5,190 mcf of natural gas produced from its Italian assets (2022 - 5,623 mcf).
• During the six months ended September 30, 2023, the Company sold 120 barrels of condensate produced from its Italian assets (2022 - 173).

Luca Benedetto, Chief Financial Officer of Zenith, commented:

"Zenith Energy has undergone a significant degree of transition during the year because of the unforeseen need to initiate the Tunisian arbitrations and our strategic decision to withdraw from jurisdictions where we had previously directed business development efforts. However, the decisive action taken by the Board to safeguard the Company's commercial interests will ensure that the Company is fully compensated for the damage it has sustained in Tunisia.

Similarly, the potentially transformational reserves obtained by way of the acquisition of Devonian Petroleum in Kazakhstan, to be complemented by acquisitions to be finalized in the USA during 2024, will provide the foundations for our long-term development and commercial success."

Luca Benedetto, Chief Financial Officer of Zenith, commented:

"Zenith Energy has undergone a significant degree of transition during the year because of the unforeseen need to initiate the Tunisian arbitrations and our strategic decision to withdraw from jurisdictions where we had previously directed business development efforts. However, the decisive action taken by the Board to safeguard the Company's commercial interests will ensure that the Company is fully compensated for the damage it has sustained in Tunisia.

Similarly, the potentially transformational reserves obtained by way of the acquisition of Devonian Petroleum in Kazakhstan, to be complemented by acquisitions to be finalized in the USA during 2024, will provide the foundations for our long-term development and commercial success."

Further Information:

Zenith Energy Ltd Andrea Cattaneo, Chief Executive Officer	Tel: +1 (587) 315 1279 E: info@zenithenergy.ca
Allenby Capital Limited - Financial Adviser Nick Harriss Daniel Dearden-Williams	Tel: + 44 (0) 203 328 5656

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa and Europe, including electricity generation in Italy. 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 are Zenith Energy Ltd.'s ticker symbols?

Zenith Energy Ltd. is listed on the London Stock Exchange (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA), and the Venture Market of the OTCQB (OTCQB: ZENAF).

What were the revenues generated by Zenith Energy Ltd. for the six months ended September 30, 2023?

Zenith Energy Ltd. generated revenues of CAD$1,362k for the six months ended September 30, 2023.

What assets did Zenith Energy Ltd. produce and sell from for the six months ended September 30, 2023?

Zenith Energy Ltd. produced 1,789 barrels of oil from Tunisian assets and sold electricity, natural gas, and condensate from Italian assets for the six months ended September 30, 2023.

What is the strategic focus of Zenith Energy Ltd.?

Zenith Energy Ltd.'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.

What acquisitions is Zenith Energy Ltd. pursuing for long-term development and commercial success?

Zenith Energy Ltd. aims to complement the transformational reserves obtained by the acquisition of Devonian Petroleum in Kazakhstan with acquisitions to be finalized in the USA during 2024.