November 2, 2021 ZENITH ENERGY LTD. ("Zenith" or the "Company") Credit Rating UpgradeZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), a company focused on building a production and development portfolio inAfrica , is pleased to announce that Rating-Agentur Expert RA ("RAEX") has upgraded its debt issuer credit rating to 'B' with 'Stable Outlook'. The RAEX report can be viewed here: https://raexpert.eu/reports/Press_release_Zenith_Energy_Ltd_01.11.2021.pdf RAEX is an independentEuropean Credit Rating Agency with more than 20 years of experience in the rating industry. It is registered with theEuropean Securities and Markets Authority ("ESMA") and received ECAI status (External Credit Assessment Institution ) in 2015.Luca Benedetto , Chief Financial Officer and an Executive Director of Zenith, commented: "We are pleased to receive an upgraded credit rating that reflects the positive work we have been doing in terms of strengthening our balance sheet and enriching our portfolio, as well as being a product of the favourable economics of our energy production operations due to the current high pricing climate. It is our intention to further improve our ratings as we deliver on our development objectives. Our credit ratings are an important characteristic that will enable Zenith to utilise its debt instruments to a greater degree to fund its ambitious asset acquisition and development programme inAfrica ." Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 9031 E: info@zenithenergy.caAllenby Capital Limited - Financial Adviser & BrokerNick Harriss Nick Athanas Tel: + 44 (0) 203 328 5656Celicourt Communications (Financial PR) Mark AntelmeJimmy Lea Tel: +44 (0) 208 434 2643 E: zenithenergy@celicourt.uk Notes to Editors:Zenith Energy Ltd. is an international oil and gas production company, listed on theLondon Stock Exchange (LSE:ZEN) and the Euronext Growth Market of theOslo Stock Exchange (OSE:ZENA). Zenith's development strategy is to identify and rapidly complete value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically inAfrica .
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