November 2, 2021       
                         
ZENITH ENERGY LTD. 
 
("Zenith" or the "Company")  

Credit Rating Upgrade 

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), a company
focused on building a production and development portfolio in Africa, 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 independent European Credit Rating Agency with more than 20 years of
experience in the rating industry. It is registered with the European 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 in Africa." 

 
Further Information: 

Zenith Energy Ltd 

Andrea Cattaneo, Chief Executive Officer	Tel: +1 (587) 315 9031

E: info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser & Broker 

Nick Harriss
Nick Athanas	Tel: + 44 (0) 203 328 5656
Celicourt Communications (Financial PR) 

Mark Antelme 
Jimmy 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
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 complete
value-accretive hydrocarbon production opportunities in the oil & gas sector,
specifically in Africa.

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