Zenith Energy

Major Shareholding Notification • Mar 9, 2021

ZENITH ENERGY LTD.

("Zenith" or the "Company")

TR-1 Notifications

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international oil & gas production company focused on pursuing African development opportunities, announces that it has received the following TR-1 Notifications set out below without amendment.

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting Zenith Energy Ltd rights are attachedii:
1b. Please indicate if the issuer is a non-UK issuer	(please mark with an "X" if appropriate)
Non-UK issuer		X
2. Reason for the notification (please mark	the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)iii:
3. Details of person subject to the	notification obligationiv
Name	Nordnet AB (publ) 559073-6681
Sweden City and country of registered office (if applicable)
4. Full name of shareholder(s) (if different from 3.)v
Name	Nordnet Pensionsförsäkring AB 516406-0286 (SE) Nordnet Livsforsikring AS 914350956 (NO)
City and country of registered office (if applicable)	Sweden and Norway
5. Date on which the threshold was crossed 03/03/2021 or reachedvi:
6. Date on which issuer notified 05/03/2021 (DD/MM/YYYY):
7. Total positions of person(s) subject to the notification obligation

	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)	Total of both in % (8.A + 8.B)	Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached	5,07	0	5,07	1 070 644 350
Position of previous notification (if applicable)	4,96	0	4,96

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of shares ISIN code (if possible)	Number of voting rightsix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)	Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)	Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)	Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
CA98936C1068		54 243 990		5,07
SUBTOTAL 8. A	54 243 990		5,07

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument	Expiration Exercise/ datex Conversion Periodxi		Number of voting rights that may be acquired if the instrument is exercised/converted.	% of voting rights
		SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Exercise/ Physical or Type of financial Expiration Number of Conversion cash % of voting rights instrument datex voting rights Period xi settlementxii

	SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary) X

Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Nordnet AB (publ)
Nordnet Livsforsikring AS	4,98		4,98
Nordnet Pensionsförsäkring AB	0,08		0,08

10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional informationxvi

Nordnet Pensionsförsäkring AB and Nordnet Livsforsikring AS are wholly owned subsidiaries of Nordnet AB (publ).

Place of completion	Stockholm
Date of completion	05/03/2021

TR-1: Standard form for notification of major holdings

(total of 8. A)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:			Zenith Energy Ltd
	1b. Please indicate if the issuer is a non-UK issuer			(please mark with an "X"	if appropriate)
Non-UK issuer				X
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights					X
	An acquisition or disposal of financial instruments
	An event changing the breakdown of voting rights
Other (please specify)iii:
3. Details of person subject to the			notification obligationiv
Name			Nordnet AB (publ) 559073-6681
City and country of registered office (if applicable)		Sweden
4. Full name of shareholder(s) (if different from 3.)v
Name		Nordnet Pensionsförsäkring AB 516406-0286 (SE) Nordnet Livsforsikring AS 914350956 (NO)
City and country of registered office (if applicable)		Sweden and Norway
5. Date on which the threshold was crossed or reachedvi:		02/03/2021
6. Date on which issuer notified (DD/MM/YYYY):		04/03/2021
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares		% of voting rights through financial instruments	Total of both in % (8.A + 8.B)	Total number of voting rights of

(total of 8.B 1 + 8.B 2)

issuervii

Resulting situation on the date on which threshold was crossed or reached	4,96	0	4,96	1 070 644 350
Position of previous notification (if applicable)	5,01	0	5,01

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of shares ISIN code (if possible)	Number of voting rightsix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)	Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)	Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)	Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
CA98936C1068		53 128 858		4,96
SUBTOTAL 8. A	53 128 858		4,96

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument	Expiration datex	Exercise/ Conversion Periodxi	Number of voting rights that may be acquired if the instrument is exercised/converted.	% of voting rights
		SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration datex	Exercise/ Conversion Period xi	Physical or cash settlementxii	Number of voting rights	% of voting rights

SUBTOTAL
8.B.2

X

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Nordnet AB (publ)
Nordnet Livsforsikring AS	4,88		4,88
Nordnet Pensionsförsäkring AB	0,08		0,08

10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be
held

11. Additional informationxvi

Nordnet Pensionsförsäkring AB and Nordnet Livsforsikring AS are wholly owned subsidiaries of Nordnet AB (publ).

Place of completion	Stockholm
Date of completion	04/03/2021