Updates Release Date of Year-End Results Due to COVID-19 Related Delays

2020-07-29 / @thenewswire

(TheNewswire)

July 29, 2020 – TheNewswire - Zenith Energy Ltd. ("Zenith" or the "Company"), (LSE:ZEN); (OSE:ZENAME), the international oil & gas production company focused on African development opportunities previously announced on June 29, 2020 that, as a result of logistical issues and delays caused by COVID-19, it would postpone the filing of its audited consolidated financial statements, management's discussion and analysis ("MD&A") and annual information form, inclusive of the reserves disclosure required by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities, for the year ended March 31, 2020 (collectively, the "Year-End Filings"), in reliance on the exemption provided in ASC Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements (and similar exemptions provided by the other Canadian securities regulators). The Company may not be able to complete its filings by the end of the applicable extension period ending August 13, 2020, and may seek further exemptive relief, if necessary, at a later date. The Company expects that its Year-End Filings will be filed no later than September 30, 2020.

Until the Company has filed the Year-End Filings, members of the Company's management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

An update on material business developments since the previous announcement on June 29, 2020 is described below, certain of which have already been disclosed in prior press releases:

- On July 20, 2020, the Company announced it had submitted a comprehensive commercial and technical offer to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence for the Tilapia oilfield to be named "Tilapia II".

- On July 10, 2020, the Company completed a private placement to raise an aggregate total amount of approximately NOK 3,120,000 (approximately £260,000) through the issuance of 60,000,000 common shares of no-par value in the capital of the Company.

- On July 7, 2020, the Company announced it had entered into a joint venture agreement (the “Agreement”) with a local oil & gas company in the Republic of the Congo. The primary objective of the Agreement is the potential acquisition of an onshore oil production licence (the "Potential Acquisition"). Under the terms of the Agreement, the Company and its local partner will jointly submit an application to the relevant authorities in the Republic of the Congo, including the Ministry of Hydrocarbons, for the award of a new licence in relation to the Potential Acquisition. Further, in accordance with the Agreement, it is stipulated that Zenith shall have the role of joint operator and majority partner in the event that a new licence is successfully obtained in relation to the Potential Acquisition.

Further Information:

------------------------------------------ |Zenith Energy Ltd| | |----------------------------------------| |Andrea Cattaneo, |Tel: +1 (587) 315 9031| |Chief Executive | | |Officer | | |----------------------------------------| | |E-mail: | | |info@zenithenergy.ca | ------------------------------------------

Notes to Editors:

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

Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically in Africa. The Company's board of directors and senior management team have the experience and technical expertise to develop the Company successfully.

Reader Advisory

Forward Looking Statements. Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "proposed" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current believe or assumptions as to the outcome and timing of such future events. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. In particular, this press release contains forward-looking information relating to the anticipated filing of the Year-End Filings, the Agreement and the completion of the Potential Acquisition. Various assumptions or factors are typically applied in drawing conclusions or making the forecast or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.