Zenith Energy : Cooperation Agreement for new acquisitions in MENA region

January 11, 2021   
                         
ZENITH ENERGY LTD.

("Zenith" or the "Company")

Cooperation Agreement for new acquisitions in MENA region

Zenith 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 has entered into a
cooperation agreement ("CA") with Fleet Oil & Gas S.A., ("Fleet"), a privately
owned oil and gas company led by the former Egyptian Petroleum Minister, His
Excellency Eng. Mahmoud Latif Amer. Fleet is headquartered in Dubai, United Arab
Emirates and has a representative office in Cairo, Egypt. The purpose of the CA
is to jointly identity and pursue oil and gas production and exploration
acquisitions in the Mediterranean, the Middle East and Africa. 

Under the terms of the CA, Zenith and Fleet (collectively, the "Parties") will
jointly identify certain potential acquisition opportunities ("Potential
Acquisitions") and conduct due diligence on any transaction that is deemed to be
a suitable potential acquisition. In the event a Potential Acquisition is
mutually approved and taken forward following the completion of a satisfactory
due diligence exercise, the Parties have agreed to enter into a joint venture
agreement to be made by way of a newly incorporated vehicle, which will be
subject to a separate agreement at the time. 

The Company is pleased to confirm that the Parties are reviewing a number of
Potential Acquisitions, both operated and non-operated, with a production rate
in excess of 2,000 barrels of oil per day. 


Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"I am delighted to have started this cooperation with Fleet at a particularly
exciting juncture in our development in Africa. 

Fleet has significant expertise in identifying highly attractive oil and gas
projects, as well as having an impressive network of high-level contacts across
the region. 

We are already at advanced stage of cooperation with the Fleet team to jointly
progress a number of compelling opportunities to enhance our portfolio, as well
as exploring potential project financing from certain Middle Eastern financial
institutions for our intended operational activities during 2021." 

Eng. Essam Kafafi, Chief Executive Officer of Fleet, commented: 

"Fleet Oil and Gas is proud to announce its collaboration with Zenith, a
definitive step towards expanding our oil and gas offerings in the region. I am
confident this cooperation will help us as we continue to strengthen and grow
our position and capabilities." 



Further Information:

Zenith Energy Ltd 	 
Andrea Cattaneo, Chief Executive Officer	Tel: [phone]
 	E-mail: [e-mail]

Allenby Capital Limited - Financial Adviser & Broker	 
Nick 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
the London Stock Exchange (LSE: ZEN) and the Euronext Growth Market of the Oslo
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 in Africa. 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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