Mr. Andrea Cattaneo reports

PRIVATE PLACEMENT IN NORWAY

Zenith Energy Ltd. has arranged a private placement on the Merkur Market of the Oslo Stock Exchange.

The company has successfully raised gross proceeds of 11,105,882 Norwegian kroner (approximately 935,000 pounds sterling or $1.61-million (Canadian)) to subscribe for 55,529,412 common shares of no par value in the capital of the company at a price of 0.20 Norwegian krone per new common share.

Payment and issue of the new common shares to complete the private placement are expected on or around Jan. 31, 2020.

The private placement attracted strong interest from both private and institutional investors, including significant existing shareholders in Zenith.

Zenith intends to use the net proceeds for business development activities (including the purchase of new components for its drilling equipment), operational matters related to the recent Anglo African Oil & Gas PLC transaction and additional working capital.

The final completion of the private placement is subject to approval from the TSX Venture Exchange.

Total voting rights

The company wishes to announce, in accordance with the Financial Conduct Authority's disclosure guidance and transparency rules, the information in the attached table, following admission of the common shares issued in the placing.

No common shares are held in treasury. The figure in the attached table for total number of common shares may be used by shareholders in the company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority's disclosure guidance and transparency rules.

About Zenith Energy Ltd.

Zenith Energy is an international oil and gas production company, listed on the TSX Venture Exchange and London Stock Exchange.