Exercise of Warrants

About this update from Zenith Energy Ltd.

August 3, 2025 ZENITH ENERGY LTD.("Zenith" or the "Company")Exercise of WarrantsZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), thelisted international energy production and development company, announces thatcertain investors, including a Non-Executive Director of the Company, haveexercised warrants to acquire new common shares in the capital of the Company(the "Warrant Exercise").The Warrant Exercise has raised an aggregate total amount of approximatelyUS$308,000 (equivalent to approx. NOK 3,120,000 or GBP 228,000), resulting inthe issuance of a total of 10,761,158 new common shares (the "Warrant Shares").An application for the Warrant Shares to be listed on the Equity Shares(Transition) category of the Official List and to trading on the London StockExchange's Main Market for listed securities will be made within 12 months ofthe issue of the Warrant Shares.The warrant exercise price, as detailed in the regulatory news announcementdated October 28, 2024, is NOK 0.29 per Warrant Share.The Warrant Shares will rank pari-passu in all respects with the existingcommonshares of the Company.Director Dealing/ PDMR ShareholdingMr. Sergey Borovskiy, a Non-Executive Director of Zenith, has exercisedwarrantsresulting in the issuance of 314,552 Warrants Shares of no-par value in thecapital of the Company.Upon Admission of the Warrant Shares, Mr. Borovskiy will be directlybeneficially interested in a total of 8,550,488 common shares in the capitalofthe Company, representing 1.70% percent of the total issued and outstandingcommon share capital of the Company.Total Voting RightsThe Company wishes to announce the following information, in accordance withtheFinancial Conduct Authority's Disclosure Guidance and Transparency Rules andsection 3.10 and 3.11.5 (3) of the Euronext Growth Oslo Rule Book Part II,resulting from the issuance of the Warrants Shares. 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 theLondonStock Exchange 328,482,086 1 328,482,086Common Shares in issue and admitted to trading on the Euronext Growth Marketofthe Oslo Børs. 503,985,620 1 503,985,620Further Information:Zenith Energy LtdAndrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 1279E: [email protected] to Editors:Zeni...

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