Zenith Energy

Major Shareholding Notification • Mar 6, 2023

March 6, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Holding(s) in Company

TR-1: Standard form for notification of major holdings

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.

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 Andrea Cattaneo City of registered office (if applicable) N/A Country of registered office (if applicable) N/A 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 3- March-2023 6. Date on which Issuer notified 6-March-2023 7. Total positions of person(s) subject to the notification obligation % of

	% of voting rights attached	% of voting rights through	Total of both	Total number

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

to shares (total of 8.A)

of voting rights held in issuer

in % (8.A + 8.B)

	Resulting situation on the date on which threshold was crossed or reached		7.24		0.000000	7.24			167,163,912
	Position of previous notification (if applicable)
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		167,163,912		7.24%
	Sub Total 8.A		167,163,912				7.24%
	8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
	Type of Expiration financial date instrument			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 instrume nt	n date	Expiratio	Exercise/conversi on period		nt	Physical or cash settleme	Numb er of	voting rights	% of votin g right s
	Sub Total 8.B2
	9. Information in relation to the person subject to the notification
	obligation 1. 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) issuer.					% of voting
	Ultimate controlling person		Name of controlled undertaking	% of voting rights if it equals or is higher than the notifiable		rights through financial instruments is higher than the	if it equals or		Total of both if it equals or is higher than the notifiable threshold

threshold

notifiable threshold 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

12. Date of Completion March 3, 2023 13. Place Of Completion Lugano, Switzerland