Zenith Energy

Major Shareholding Notification • Mar 9, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

TR-1 Notification

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, announces that it has received the TR-1 Notification set out below without amendment.

TR-1: Standard form for notification of major holdings

1. Issuer Details
ISIN
CA98936C1068
Issuer Name
Zenith Energy Ltd
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
Nordnet AB (publ)
City of registered office (if applicable)
STOCKHOLM
Country of registered office (if applicable)
Sweden
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to
the notification obligation, above

City of registered office (if applicable)

Country of registered office (if applicable)

5. Date on which the threshold was crossed or reached
07-Mar-2022
6. Date on which Issuer notified
08-Mar-2022
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 held in issuer
Resulting situation on the	5.242770	0.000000	5.242770	98174848

date on which threshold was crossed or reached
Position of previous notification (if applicable)	4.660000	0.000000	4.660000

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached 8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)	Number of direct voting rights (DTR5.1)	Number of indirect voting rights (DTR5.2.1)	% of direct voting rights (DTR5.1)	% of indirect voting rights (DTR5.2.1)
CA98936C1068	0	98174848	0.000000	5.242770
Sub Total 8.A	98174848		5.242770%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument	Expiration date	Exercise/conversion period	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights
Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument	Expiration date	Exercise/conversion period	Physical or cash settlement	Number of voting rights	% of voting rights
Sub Total 8.B2

9. Information in relation to the person subject to the notification obligation

1. 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 entities (please add additional rows as necessary)

Ultimate controlling person	Name of controlled undertaking	% 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	5.155203		5.155203%
Nordnet AB (publ)	Nordnet Pensionsförsäkring AB

10. In case of proxy voting Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional Information Nordnet Livsforsikring AS and Nordnet Pensionsförsäkring AB are wholly owned subsidiaries of Nordnet AB (publ). 12. Date of Completion 08-Mar-2022 13. Place Of Completion Stockholm