TIDMZEN

RNS Number : 6920D

Zenith Energy Ltd

04 March 2022

March 4, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Debt repayment

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it has now fully repaid an unsecured convertible loan facility with a consortium of lenders (the "Convertible Loan"), first announced on January 7, 2019, subscribed for a total principal amount of approximately GBP647,500 (equivalent to NOK 7,700,000).

Luca Benedetto, Chief Financial Officer of Zenith, commented:

"Our significantly increased revenue generation and associated profitability has enabled the Company to progressively reduce its exposure to debt and improve its balance sheet.

We shall look to continue this exercise as we generate additional financial resources by maximising our energy production activities across the portfolio."

Further Information:

 
 Zenith Energy Ltd 
                                         Tel: +1 (587) 315 9031 
  Andrea Cattaneo, Chief Executive       E: info@zenithenergy.ca 
  Officer 
 Allenby Capital Limited - Financial 
  Adviser                                Tel: + 44 (0) 203 328 5656 
 
  Nick Harriss 
  Nick Athanas 
                                      ------------------------------ 
 Alternative Resource Capital 
  - Broker                               Tel: +44 (0) 207 186 9004 
                                         Tel: + 44 (0) 207 186 9005 
  Alex Wood 
  Keith Dowsing 
                                      ------------------------------ 
 Celicourt Communications (Financial   Tel: +44 (0) 208 434 2643 
  PR)                                   E: zenithenergy@celicourt.uk 
 
  Mark Antelme 
  Jimmy Lea 
                                      ------------------------------

Notes to Editors :

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).

Zenith's development strategy is to identify and rapidly complete value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.

Follow us on LinkedIn: https://www.linkedin.com/company/zenith-energy-limited/

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (" MAR "). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

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END

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March 04, 2022 05:34 ET (10:34 GMT)

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