January 6, 2021 ZENITH ENERGY LTD. ("Zenith" or the "Company") Debt Reduction & Exercise of WarrantsZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it fully repaid one and partially settled the second of the two credit agreements entered into with a local financial institution inAzerbaijan for a total amount of approximatelyUS$442,000 . As disclosed in the latest audited accounts for the financial year endedMarch 31, 2020 , the Company had two general line of credit agreements (the "Credit Agreements") for an outstanding combined principal amount ofUS$480,000 ; interest has continued to accrue. Following the aforementioned payments, the outstanding principal amount in relation to the remaining Credit Agreement isUS$54,650.00 plus accrued interest which is now payable byJune 30, 2021 . Exercise of Warrants An investor in the Company has exercised warrants to acquire a total of 28,571,429 new common shares of no par value (the "Common Shares") in the capital of the Company with an exercise price ofNOK 0.15 (equivalent to approximately £0.013) for a total consideration of4,285,714 NOK (approximately £371,000) (the "Warrant Shares"). The Warrant Shares were issued yesterday,January 5, 2021 , and will rank pari passu in all respects with the existing common shares of the Company. An application for the Warrant Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue date. Total Voting Rights The Company wishes to announce, in accordance with theFinancial Conduct Authority's Disclosure Guidance and Transparency Rules, the following revised information resulting from completion of the Financing. Class of share Total number of shares Number of voting rights per share Total number of voting rights per class of share Common Shares in issue and admitted to trading on the Main Market of theLondon Stock Exchange 313,400,824 1 313,400,824 Common Shares in issue and admitted to trading on the Euronext Growth Market of the Oslo Børs - representing the total outstanding common share capital of the Company 1,070,644,350 1 1,070,644,350 Zenith holds 25,395,828 Common Shares in treasury. The above figure for total number of Common Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under theFinancial Conduct Authority's Disclosure Guidance and Transparency Rules. Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 9031 E-mail: info@zenithenergy.caAllenby Capital Limited - Financial Adviser & BrokerNick Harriss Nick Athanas Tel: + 44 (0) 203 328 5656 Notes to Editors:Zenith Energy Ltd. is an international oil and gas production company, listed on theLondon Stock Exchange (LSE: ZEN) and the Euronext Growth Market of theOslo Stock Exchange (OSE: ZENA). Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically inAfrica . The Company's board of directors and senior management team have the experience and technical expertise to develop the Company successfully.
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