Zenith Energy Ltd Conditional Approval of Canadian Financing (4905V)

TIDMZEN

RNS Number : 4905V

Zenith Energy Ltd

08 April 2019

April 8, 2019

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Conditional Approval of Canadian Financing

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME) the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that it has received conditional approval from the TSX-V for the issue of equity in Canada (the "Canadian Financing"), announced on April 2, 2019.

The Company can confirm that the common shares ("New Common Shares") associated with the Canadian Financing were issued on April 5, 2019 following submission of the necessary documentation.

The Canadian Financing remains subject to final approval from the TSX-V.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further Information:

 
 Zenith Energy Ltd                     Tel: +1 (587) 315 9031 
 Andrea Cattaneo, Chief Executive      E-mail: info@zenithenergy.ca 
  Officer 
                                      ----------------------------- 
 
 Optiva Securities - Joint Broker      Tel: + 44 (0) 203 981 
                                        4179 
                                      ----------------------------- 
 Christian Dennis 
                                      ----------------------------- 
 Jonathan Brown 
                                      ----------------------------- 
 
 Peterhouse Capital - Joint Broker     Tel: + 44 (0) 207 469 
                                        0930 
                                      ----------------------------- 
 Lucy Williams 
                                      ----------------------------- 
 Charles Goodfellow 
                                      ----------------------------- 
 
 Allenby Capital Limited - Financial   Tel: + 44 (0) 203 328 
  Adviser                               5656 
                                      ----------------------------- 
 Nick Harriss 
                                      ----------------------------- 
 Nick Athanas 
                                      ----------------------------- 
 
 IFC Advisory - Financial PR & IR      Tel: + 44 (0) 203 934 
                                        6630 
                                      ----------------------------- 
 Graham Herring 
                                      ----------------------------- 
 Miles Nolan 
                                      ----------------------------- 
 Zach Cohen 
                                      -----------------------------

Notes to Editors:

Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London Stock Exchange (LSE:ZEN). In addition, the Company's common share capital was admitted to trading on the Merkur Market of the Oslo Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Børs.

The Company was assigned a medium to long-term issuer credit rating of "B+ with Positive Outlook" on October 8, 2018 by Arc Ratings, S.A.

The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016.

The Company's primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company's Italian operations produce natural gas, condensate and electricity.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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April 08, 2019 11:45 ET (15:45 GMT)

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