Decision & Appeal of SMP Court Case

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November 4, 2025ZENITH ENERGY LTD.("Zenith" or the "Company")Decision & Appeal of SMP Court CaseZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:ZENASDR), the listed international energy production and development company,announces that the Paris Commercial Court (the "Court") has delivered adecisionin respect of the legal claim (the "Claim") brought before the ParisCommercialCourt (the "Court") by its fully owned subsidiary, Anglo African Oil & GasCongoS.A.U ("AAOGC") against SMP Energies (hereafter "SMP", formerly Société deMaintenance Pétrolière - SMP) the rig contractor that performed drillingservices in wells TLP-103 and TLP-103C of the Tilapia oilfield during2018-2019.Background On July 15, 2019, formerly AIM quoted Anglo African Oil & Gas plc ("AAOG"),theprevious owner of AAOGC prior to its acquisition by Zenith in May 2020, madeanannouncement confirming that AAOGC had initiated a claim against SMP followingpoor performance in drilling wells TLP-103 and TLP-103C, and the refusal bySMPto engage in negotiations to cover the significant cost overruns that had beenincurred by AAOGC as a direct consequence. The Claim was initially launched in Court against SMP to recover costs ofUS$3.1million relating to SMP's unsatisfactory performance. In taking the decision to launch the Claim for costs against SMP the followingreasons were considered significant at the time: · AAOGC had maintained extensive, contemporaneous technical records ofthefailures of the Rig and the losses and delays that were caused as a result; · SMP had not put forward evidence, of any kind, to suggest that Rigperformance was not the cause for cost overruns; and · Advice from International counsel in London, Paris and the Republic ofthe Congo was that the Claim had merit. Under the rules and conventions of the Court, mediation between the partiesengaged in a dispute is a recommended course of action. As a result, asupervised mediation meeting took place during the Autumn of 2019. On December 11, 2019, AAOG announced that mediation efforts had provenunsuccessful and that, as a result, AAOGC would continue to pursue the Claim. On November 11, 2020, Zenith provided an update on the Claim announcing thatSMPhad retaliated to the Claim by obtaining a number of unjustified seizureordersover the fixed assets of AAOGC in the Republic of the Congo, as well as overitslocal b...

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