January 16, 2023 ZENITH ENERGY LTD. ("Zenith" or the "Company") Credit Rating UpgradeZenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets inAfrica andEurope , is pleased to announce that BCRA Credit Rating Agency AD ("BCRA") has upgraded the Company's long-term issuer credit rating to 'B+ with Stable Outlook'. BCRA is an independent credit rating agency operating since 2003.The Financial Supervision Commission ("FSC") andEuropean Securities and Markets Authority ("ESMA") have fully registered BCRA in accordance with Regulation (EC) No. 1060/2009 of theEuropean Parliament and of the Council on credit rating agencies. The BCRA report can be viewed here: https://bcra.eu/files/rating_zenith_jan_2023_en.pdfAndrea Cattaneo , Chief Executive of Zenith, commented: "We are pleased to have had our issuer credit rating upgraded following the Company's recent progress. It is the Board's expectation, in view of Zenith's very significant revenue generation potential during 2023, that the Company might achieve additional upgrades, which will further facilitate our access to non-dilutive fixed income debt securities to finance our expansion." Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 9031 E: info@zenithenergy.ca BlytheRay - Financial PR/IR Tim Blythe,Megan Ray , Matt Bowld Tel: +44 207 138 3204 E: zenith@blytheray.com Notes to Editors:Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets inTunisia ,Italy , and theRepublic of the Congo , including electricity generation inItaly . The Company is listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of theOslo Stock Exchange (OSE: ZENA). Zenith's strategic focus is on pursuing transformational opportunities in theMiddle East ,Africa , andEurope through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production. For more information, please visit: www.zenithenergy.ca
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