BUILDING A TRANSFORMATIONAL OIL AND GAS PRODUCTION AND DEVELOPMENT PORTFOLIO IN AFRICA - JULY 2021

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BUILDING A TRANSFORMATIONAL OIL AND GAS PRODUCTION AND DEVELOPMENT PORTFOLIO IN AFRICA - JULY 2021
JULY 2021

                            BUILDING A
                            TRANSFORMATIONAL
                            OIL AND GAS PRODUCTION
                            AND DEVELOPMENT
                            PORTFOLIO IN AFRICA

  LSE: ZEN
  OSE: ZENA

www.zenithenergy.ca   																			            @zenithenergyltd
BUILDING A TRANSFORMATIONAL OIL AND GAS PRODUCTION AND DEVELOPMENT PORTFOLIO IN AFRICA - JULY 2021
DISCLAIMER
                This document (the “Presentation”) has been prepared by and is the sole responsibility of Zenith energy Ltd. (“Zenith” or the “Company”). All information used in the Presentation has been
2021            compiled from publicly available sources that are believed to be reliable. However, because of possible human or mechanical error by Zenith, its affiliates or its sources, Zenith cannot
ZENITH ENERGY   guarantee the accuracy, validity, timeliness or completeness of any information provided for in this Presentation.
JULY 2021       No guarantee, warranty or representation, express or implied, can be given by Zenith as to the accuracy, adequacy or completeness of the information contained in this Presentation and
                they are not responsible for any errors or omissions or results obtained from use of such information. Neither Zenith, nor any affiliates, officers, directors or employees accept any liability or
                responsibility in respect of the information which is subject to change without notice and may only be correct at the stated date of their issue, unless in case of gross negligence, fraud or
                wilful misconduct Zenith expressly disclaims any warranties of merchantability or fitness for a particular purpose. In no event will Zenith, its affiliates or any such parties be liable to you for
                any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if Zenith have been advised of the possibility thereof.
                The Presentation has been prepared purely for information purposes, and nothing in this report should be construed as an offer, or the solicitation of an offer, to buy or sell any security,
                product, service or investment. The Presentation reflects the objective views of Zenith and does not constitute investment advice.
                The information provided in this document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to
                law or regulation or which would subject Zenith or its affiliates to any registration requirement within such jurisdiction or country.
                The fact that Zenith has made available through this Presentation various information this constitutes neither a recommendation to enter into a particular transaction nor a representation that
                any financial instrument is suitable or appropriate for you. Each investor must make their own independent decisions and obtain their own independent advice regarding any information,
                projects, securities, or financial instruments mentioned herein.
                The Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward looking statements can be identified by the use of forward-looking
                terminology, including the terms “believes”, “envisages”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “could”, “seeks” or “should” or, in each case, their negative
                or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include matters that are
                not historical facts and speak only as of the date of the Presentation. They appear in a number of places throughout the Presentation and include statements regarding Zenith and the directors
                of Zenith’s current intentions, beliefs or expectations concerning, amongst other things, investment strategy, financing strategy, performance, results of operations, financial condition,
                liquidity, prospects, growth, strategies and the industry in which Zenith operates.
                Although Zenith believes that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in
                such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and
                development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of
                future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory
                changes and other risks and uncertainties discussed in the Company’s periodic reports. The Company cautions you not to place undue reliance on these forward- looking statements, which
                speak only as of the date of this presentation, and Zenith undertakes no obligation to update or revise any of this information.
                The receipt of this document by any person is not to be taken as constituting the giving of investment advice by Zenith to any to any such person.
                By accepting this document, the recipient agrees to be bound by the limitations set out in this notice. This notice shall be governed and construed in accordance with English law.
BUILDING A TRANSFORMATIONAL OIL AND GAS PRODUCTION AND DEVELOPMENT PORTFOLIO IN AFRICA - JULY 2021
A DUAL LISTED INDEPENDENT OIL AND                 PRODUCTION
                                                                  POTENTIAL OF APPROX:
                GAS PRODUCTION COMPANY PURSUING                   2,000 - 3,000
2021
ZENITH ENERGY
                TRANSFORMATIONAL OPPORTUNITIES IN AFRICA          BOPD BY CLOSE OF 2021

JULY 2021

                                                                  METRICS

                                                                  KEY SHAREHOLDERS:
                                                                  Board of Directors,
                                                                  Mirabaud & Cie (Europe) SA,
                                                                  Premier Miton Investors

                                                                  STOCK TICKER

                                                                  (LSE: ZEN /
                                                                  OSE: ZENA)
                                                                  MARKET CAP CIRCA

                                                                  £14M
                                                                  SHARES IN ISSUE (APPROX)

                                                EXISTING ASSETS
                                                                  1,377M
SLIDE
01                                              TARGET
A DUAL LISTED INDEPENDENT OIL AND                                                                      PRODUCTION
                                                                                                                       POTENTIAL OF APPROX
                GAS PRODUCTION COMPANY PURSUING                                                                        2,000 - 3,000 BOPD
2021
ZENITH ENERGY
                TRANSFORMATIONAL OPPORTUNITIES IN AFRICA                                                               BY CLOSE OF 2021

JULY 2021

                  Development                            Recent Highlights
                  strategy defined by:                   Zenith is seeking to build a highly prospective oil and
                                                         gas production and development portfolio in Africa.
                  •   Acquiring and developing
                      assets with untapped reserves       1   First sale of Tunisian oil production - agreement    6    Official confirmation regarding
                                                              to sell approximately 68,000 barrels net to               the successful completion of the
                      and existing production
                                                              Zenith (including 20,000 barrels of domestic              Enquiry of Public Utility (Enquête
                                                              market sales) for total receivables of                    d’Utilité Publique) following an
                  •   Maximising revenue by                   approximately US$4.5million.                              in-depth technical and financial
                      implementing low-cost oil                                                                         review, performed by the Ministry
                                                          2   Acquisition of 100% working interest in the El            of Hydrocarbons of the Republic
                      production models                       Bibane and Robbana concessions.                           of the Congo during the month of
                                                                                                                        January 2021. As announced on
                  •   Ownership of key operational        3   Acquisition of 45% working interest in the
                                                                                                                        December 23, 2020, the Company
                                                              Ezzaouia Concession, onshore Tunisia.
                      equipment with the objective                                                                      will now proceed with the potential
                      of reducing costs, third-           4   Appointment of new Country Manager in the                 finalisation and ratification of
                                                              Republic of the Congo to progress negotiations            the Production Sharing Contract
                      party delays, and decreasing
                                                              with the Ministry of Hydrocarbons.                        (“PSC”) for Tilapia II.
                      reliance on third party oilfield
                      service companies                   5   Extension of longstop date for acquisition from      7    Assessing a number of oil and
                                                              KUFPEC, a subsidiary of the State of Kuwait’s             gas production and development
                                                              national oil company, for a 22.5% interest in             opportunities in Africa to enrich
                  •   Highly incentivised Board               Sidi El Kilani, an onshore oil production asset in        the Company’s portfolio.
                      of Directors and Senior                 Tunisia. Extension of longstop date also agreed
                      Management, holding                     previously with CNPC International (Tunisia)
                      significant interests in                Ltd., (“CNPCI”), a subsidiary of CNPC, for its
                                                              22.5% interest in Sidi El Kilani.
                      the share capital of Zenith.
SLIDE
02
TUNISIA OVERVIEW HIGHLY PROSPECTIVE OIL                                               TARGET PRODUCTION
                                                                                                      BY CLOSE OF 2021:

                AND GAS PRODUCTION AND DEVELOPMENT
2021            OPERATIONS IN TUNISIA                                                                 1,000
ZENITH ENERGY                                                                                         BOPD
JULY 2021

                                                     TUNIS
                    TOTAL ZENITH                                                           ROBBANA
                    PRODUCTION IN                                                          100% WORKING INTEREST
                    TUNISIA APPROX.                                                        PRODUCTION OF APPROX.:

                    600                                                                    25 BOPD
                                                                                           NEAR-TERM PRODUCTION
                    BOPD                                                                   POTENTIAL: 100-150 BOPD

                                                  SIDI EL-KILANI
                                                                                           EL BIBANE
                                                                                           100% WORKING INTEREST
                           ALGERIA                       ROBBANA     EL BIBANE             PRODUCTION OF APPROX.: 80-
                                                                    EZZAOUIA               100 BARRELS OF CONDENSATE +
                                                                                           5.5-6 MMSCF NATURAL GAS (RE-
                                                                                           INJECTED INTO FORMATION)
                                                     TUNISIA                               NEAR-TERM PRODUCTION
                                                                                           POTENTIAL: 500-600 BOPD

                               SIDI EL-KILANI                      EZZAOUIA
                               45% CONDITIONAL                     45% OF APPROX.
                               INTEREST OF                         460 BOPD PRODUCTION
                               APPROX. 550 BOPD                    NEAR-TERM PRODUCTION
                               PRODUCTION                          POTENTIAL: 1,000 BOPD   LYBIA
SLIDE
03
EZZAOUIA ACQUISITION HIGHLIGHTS                                                                                                   CURRENT GROSS
                                                                                                                                                  PRODUCTION OF
                                                                                                                                                  APPROX:

                 TUNISIA                                                                                                                          460
2021
ZENITH ENERGY                                                                                                                                     BOPD
JULY 2021

                 Zenith has acquired an interest of 45% in the EZZAOUIA Concession by way of the 100%
                 purchase of Ecumed Petroleum Zarzis Ltd (“EPZ”) announced during March 2021.

                 Acquisition Highlights:

                 Discovered by Marathon Petroleum          On April 19, 2019, the Tunisian              MARETAP, the joint operating
                 Corporation in 1986, with production      State represented by the Ministry            company, operates an oil storage
                 activities starting in 1990 with a peak   of Industry and Small & Medium               terminal at the port of Zarzis with a
                 production being achieved of 35,000       Enterprises informed ETAP and                storage capacity of approximately
                 barrels of oil per day in 1991.           EPZ that the Comité Consultatif              200,000 barrels of oil.
                                                           des Hydrocarbures (“CCH”) had
                                                           provided a favourable opinion to the
                 Operated by MARETAP, a joint              application submitted by ETAP and
                 operating company owned in                EPZ for a new 20-year concession to                                                    Tunis
                 partnership with the national oil         be called “Ezzaouia”.
                 company of Tunisia, ETAP, on a 50:50
                 basis, which holds a 55 percent
                 interest in Ezzaouia.                     Development obligations during
                                                           the course of the new 20-year
                                                           concession are expected to include                                                        Sidi El-Kilani
                                                           the drilling of a side-track, the drilling                                            Robbana
                 Planned field production                                                                                                TUNISIA          El Bibane
                                                           of a replacement well and that of a                                                          Ezzaouia
                 optimisation and workover activities
                                                           development well.
                 are expected to increase Ezzaouia
                 gross production to 1,000 bopd
                 (potentially resulting in a production                                                                                                       EZZAOUIA
                                                                                                                                                              45% OF APPROX.
SLIDE            of 450 bopd net to Zenith).                                                                                                                  460 BOPD
04                                                                                                                                                            PRODUCTION
SLK ACQUISITION HIGHLIGHTS                                                                     CURRENT GROSS
                                                                                                               PRODUCTION APPROX:
                                                                                                                                                     NATIONAL
                                                                                                                                                     PRODUCTION
                                                                                                                                                     APPROX:

                  TUNISIA                                                                                      550                                   35,000
2021
ZENITH ENERGY                                                                                                  BOPD                                  BOPD
JULY 2021

                  The Company has acquired a cumulative conditional interest of 45%
                  in the North Kairouan permit and the Sidi El Kilani Concession (“SLK”)
                  This results from the following transactions:

                      Conditional acquisition from KUFPEC,        Conditional acquisition from          Completion of both acquisitions is            Extension of longstop
                      a subsidiary of the State of Kuwait’s       CNPC International (Tunisia),         subject to a favourable opinion being         date for completion of
                      national oil company, of its 22.5%          a subsidiary of China National        granted by the Comité Consultatif des         SLK acquisitions agreed
                      working interest for a consideration        Petroleum Corporation (CNPC),         Hydrocarbures (“CCH”) of the Republic         with both sellers
                      of US$500,000 in April 2020. On June        of its 22.5% working interest for a   of Tunisia and the approval of the
                      11, 2020, the Company announced             consideration of US$300,000 in        Tunisian State represented by the
                      that it had already paid US$250,000         September 2020.                       Ministry of Industry and Energy.
                      to KUFPEC and that it expected the
                                                                                                                                                          Tunis
                      balance consideration payable would
                      be satisfied by the oil production
                      revenue generated since the date of
                      the acquisition.

                                                                                                                                                              Sidi El-Kilani
                                                                                                                                                              Robbana
                                                                                                                                                TUNISIA            El Bibane
                                                                                                                                                                 Ezzaouia
                  Currently producing at an approximate
                  rate of 550 barrels of oil per day using
                  natural flow regime (without artificial
SLIDE             lift technology).
05
ACQUISITION OF EL BIBANE                                                              CURRENT
                                                                                                      PRODUCTION
                                                                                                                                                NEAR-TERM
                                                                                                                                                PRODUCTION
                                                                                                      OF APPROX:                                POTENTIAL:
                 TUNISIA                                                                              80-100                                    500-600
2021
ZENITH ENERGY                                                                                         BARRELS OF CONDENSATE                     BOPD
JULY 2021

                                                                                                                                                NATURAL GAS
                Acquisition Highlights:                                                                                                         PRODUCTION APPROX:

                Zenith has acquired a 100% interest in the highly
                prospective, offshore El Bibane concession.
                                                                                                                                                5.5-6
                                                                                                                                                MMSCF

                  Located 16 kilometres offshore from       3 wells remain active within El           Well intervention planned to restore
                  the port of Zarzis in the Gulf of Gabes   Bibane: EBB-5, EBB-4 and EBB-3RE2.        production EBB-3 at a rate of 500 BOPD.
                                                            A total of 6 wells plus 4 sidetracks
                                                            have been drilled.
                  Covers an area of approximately                                                     El Bibane expires on December 31, 2033.
                  228 square kilometres and in
                  approximately 7-8 meters water depth      Currently produces approximately
                                                            80-100 barrels of condensate per
                                                            day (API 49/50) with 5.5-6 MMSCF of
                                                                                                                                                Tunis
                                                            natural gas from well EBB-5, which is
                  Upon initial development, a peak
                                                            re-injected into the formation via well
                  production of 4,500 bopd was
                                                            EBB-4.
                  achieved. The reservoir is located in
                  the cretaceous Zebbag fractured
                  dolomite formation at approximately
                                                            Well EBB-3 is temporarily shut-in,                                                  Sidi El-Kilani
                  2,150 metres below surface.
                                                            having previously produced between                                               Robbana
                                                            approximately 500-600 BOPD (35 API).                                     TUNISIA         El Bibane
                                                                                                                                                   Ezzaouia
                  Zenith has acquired a 100% working
                  interest in El Bibane.
                                                                                                                                                        EL BIBANE
                                                                                                                                                        100% OF APPROX.
SLIDE                                                                                                                                                   80-100 BARRELS
06                                                                                                                                                      OF CONDENSATE
                                                                                                                                                        PRODUCTION
ACQUISITION OF ROBBANA                                                              NEAR-TERM
                                                                                                    PRODUCTION
                                                                                                                                  CURRENT
                                                                                                                                  PRODUCTION
                                                                                                    POTENTIAL OF APPROX:          0F APPROX:

                 TUNISIA                                                                            100-200                       25
2021
ZENITH ENERGY                                                                                       BOPD                          BOPD
JULY 2021

                Acquisition Highlights:
                Zenith has acquired a 100% interest in the
                onshore Robbana concession (“Robbana”):

                  Located onshore in the island of         ROB-3 will target two proven
                  Djerba in the southern Gulf of Gabes     hydrocarbon-bearing reservoirs
                                                           in the Cretaceous Upper Meloussi
                                                           sandstone formation, from which
                  Covering 48 square kilometres            successful production has been
                                                           achieved from ROB-1 for many years.

                  Robbana currently produces
                                                           A production of approximately 100-                                      Tunis
                  approximately 25 barrels of oil per
                                                           150 barrels of oil per day is expected
                  day from well ROB-1
                                                           in the event of a successful drilling
                                                           operation.

                  Plans being finalised ntends to drill
                  ROB-3, an infill vertical well, in the
                                                           Drilling operations are expected to                                        Sidi El-Kilani
                  proximity of the producing ROB-1, to
                                                           take approximately 60 days from                                         Robbana
                  a total depth of approximately 2,400                                                                     TUNISIA
                                                           beginning to end, with a total                                                  El Bibane
                  metres.                                                                                                                Ezzaouia
                                                           budget of approximately US$1.5
                                                           million being allocated.

                                                                                                                                           ROBBANA
                                                                                                                                           100% OF APPROX.
SLIDE                                                      Robbana expires on November 4, 2034.                                            25 BOPD PRODUCTION
07
CURRENT            CONSERVATIVE                        MAX

                REPUBLIC OF THE CONGO,                                                  PRODUCTION
                                                                                        APPROX
                                                                                                           PRODUCTION TARGET
                                                                                                           FOLLOWING SUCCESSFUL
                                                                                                                                               PRODUCTION
                                                                                                                                               POTENTIAL:
                                                                                                           DRILLING ACTIVITIES:

                 TILAPIA                                                                30                 500 - 1,000                         5,000
2021
ZENITH ENERGY                                                                           BOPD               BOPD                                BOPD
JULY 2021

                  Geographic position                         Upside potential                                    Highly strategic acquisition
                  •   Located in the Lower Republic           •   Successful recent drilling                      •   Zenith acquired 100% of AAOG
                      of the Congo Basin, West African            undertaken during 2018 and                          Congo, the former operator of the
                      Atlantic Margin, which extends from         2019 identified multiple potential                  Tilapia oilfield with a 56% interest.
                      Gabon down to Angola, a prolific            productive reservoirs across a                  •   Remaining 44 percent was
                      hydrocarbon region                          number of formations including                      held by the national oil company,
                  •   Individual wells in this region have        the regionally proven Mengo and                     Société Nationale des Pétroles
                      recorded production rates of up to          Djeno reservoirs                                    du Congo (“SNPC”).
                      5,000 barrels of oil per day.           •   Recent expert wireline log
                  •   Acreage is situated 1.8km offshore          analysis* (has indicated that
                      (drilled from onshore negating              reservoir quality is “between
                      the necessity of offshore drilling          good and excellent”.
                      equipment)
                                                              *commissioned by AAOG Congo after drilling
                  •   First production in 2008.
                                                              activities in the Djeno                                                             REPUBLIC
                  •   Close to nearby infrastructure                                                                                              OF THE
                      (Oil storage /processing facilities -                                                                                       CONGO
                      45-minute drive from Point Noire
                      and 17km from nearest refinery.)

SLIDE                                                                                                      TILAPIA                 LOUBOMO
08                                                                                                                                                BRAZZAVILLE
                                                                                                                                   POINTE-NOIRE
REPUBLIC OF THE CONGO,                                                              TILAPIA
                                                                                                    PRODUCTION
                                                                                                                            PRODUCTION
                                                                                                                            POTENTIAL FOLLOWING
                                                                                                                                                                 NATIONAL
                                                                                                                                                                 PRODUCTION
                                                                                                    APPROX:                 DRILLING:                            APPROX:

                 TILAPIA                                                                            30                      UP TO 5,000                          350,000
2021
ZENITH ENERGY                                                                                       BOPD                    BOPD                                 BOPD
JULY 2021

                 AAOG Congo’s licence to operate the Tilapia           SNPC owes AAOG Congo approximately                       Zenith has commissioned a new Competent
                 oilfield (“Tilapia I”) expired on July 18, 2020, as   US$5.3 million. Zenith has met with SNPC and             Person’s Report in compliance with Canadian
                 publicly announced by Zenith Energy and               expects to obtain the full repayment of the              securities laws, specifically the COGE Handbook
                 previously announced by AAOG plc.                     aforementioned amount.                                   and National Instrument 51-101 - Standards of
                                                                                                                                Disclosure for Oil and Gas Activities.
                                                                       The seller of AAOG Congo has also novated
                                                                       100% of the intercompany loans with AAOG
                                                                       Congo to Zenith as of the date of Completion,
                                                                       equivalent to approximately £12.5 million.

                  Plans to commence drilling activities in             Zenith has submitted an offer to the Ministry of            Plans to commence drilling activities in well
                  well TLP-103C at the earliest opportunity in         Hydrocarbons for the award of a new 25-year                 TLP-103C at the earliest opportunity in the event
                  the event that the Company is successful             licence in relation to the Tilapia oilfield, to be          that the Company is successful in obtaining a
                  in obtaining a new 25-year licence for the           named “Tilapia II” and established a new local              new 25-year licence for the Tilapia oilfield.
                  Tilapia oilfield.                                    subsidiary, Zenith Energy Congo SA, at the
                                                                       request of the Ministry of Hydrocarbons.                                                     REPUBLIC
                                                                                                                                                                    OF THE
                                                                                                                                                                    CONGO

SLIDE                                                                                                                       TILAPIA                 LOUBOMO
09                                                                                                                                                                  BRAZZAVILLE
                                                                                                                                                     POINTE-NOIRE
WORKING INTERESTS IN
                ITALY - CASH GENERATING                                                                                      368.96 KM2
                ENERGY PRODUCTION                                                                                            OF ITALIAN NATURAL
                                                                                                                             GAS PRODUCTION
2021                A low-risk jurisdiction with a strong EU regulatory framework                                            CONCESSIONS
ZENITH ENERGY
JULY 2021
                 Italy has a long and successful history of natural gas
                 production and exploration across its territory
                                                                                                                                      SOUTHERN GAS
                •   Balanced energy production portfolio providing cashflow with                                                      CORRIDOR - TAP
                    stable low-cost natural gas production                                                                            PRODUCTION
                •   Moderate investment expected to achieve significant increase                                                      CONCESSIONS
                    in natural gas production                                                                                         ITALIAN NATIONAL
                •   Low-grade sour gas production is used at the Torrente Cigno
                                                                                           Genoa                                      PIPELINE
                                                                                                                                      INFRASTRUCTURE
                    concession to profitably generate electricity
                •   Italy’s economy is heavily dependent on oil and gas

                 On July 31, 2020, Zenith received approval for a legally
                                                                                                              ADRIATIC
                 binding loan facility for an amount of approximately                                           SEA
                 EUR 300,000 from an Italian governmental entity for                               ROME
                 development activities in Africa, specifically in the Republic
                 of Congo and the broader West Africa region.
                 The Company plans to file an application for a second loan
                 facility of this kind to fund infrastructural investments in its
                 Italian natural gas, condensate and electricity production
                 operations.
                 The Company’s Italian ‘Gas to Power’ activities are intended
                 to be replicated in certain Africa jurisdictions on a larger
                 scale, specifically in the Republic of the Congo, where there
                 is an abundance of unexploited natural gas reserves and a                                           MEDITERRANEAN
                                                                                                                           SEA
                 strong demand for stable electricity production.

                 CURRENT
                 PRODUCTION
                                                        NATURAL GAS
                                                        2P RESERVES:
                                                                                    CONDENSATE
                                                                                    2P RESERVES:   6   OPERATED
                                                                                                       CONCESSIONS
                                                                                                                             2 EXPLORATION
                                                                                                                             PERMITS
                 OF APPROX:
                                                        16.3                        255
SLIDE
10               90                                     BCF                         MBBLS          3   NON-OPERATED
                                                                                                       CONCESSIONS
                                                                                                                             2 EXPLORATION
                                                                                                                             PERMITS AWAITING
                                                                                                                             APPROVAL
                 BOE
OWNERSHIP OF DRILLING EQUIPMENT
                 Zenith strongly believes in the benefits of owning      1.   Cost control
2021
ZENITH ENERGY
                 and operating the key equipment required to develop     2.   Operational independence
JULY 2021        its asset portfolio. For the following reasons:         3.   Direct oversight on execution

                   1                                       1
                   WORKOVER RIG                            DRILLING RIG
                   ( 375HP)                                (1 , 20 0 HP )
                                                           capable of drilling to
                                                           a depth of approx 5,000 metres
                                                           (depending on well design)

SLIDE
11
EUR 25 MILLION
                EMTN PROGRAMME                                                                            To date, Zenith has issued the
2021
                                                                                                          following, multi-currency Euro
ZENITH ENERGY                                                                                             Medium Term Notes at par
JULY 2021
                                                                                                          value: (the “Notes”)
                Zenith has launched a EUR                    The EMTNs are admitted to trading
                25,000,000 multi-currency Euro               on the Third Market (MTF) of the
                                                                                                          EURO 1,000,000 bearing an interest

                                                                                                      1
                Medium Term Notes (EMTN)                     Vienna Stock Exchange and will be
                                                                                                          of 10.125% per year the “EUR-Notes”
                Programme.                                   due on January 27, 2024.
                                                                                                          ISIN: XS2108546735

                As announced on January 29, 2021, the Company has paid all coupons, in full and
                on time, for the aforementioned instruments since their respective issuances              GBP 1,000,000 bearing an interest
                providing a clear demonstrative of Zenith’s effective cashflow management
                offering investors a fixed semi-annual return on their investment.
                                                                                                      2   of 10.5% per year the “GBP-Notes”
                                                                                                          ISIN: XS2108546578

                The Notes are governed              Zenith is carefully developing its debt
                                                                                                          USD 1,000,000 bearing an interest

                                                                                                      3
                by Austrian law and are             financing capabilities, with a focus on non-
                                                                                                          of 10.375% per year the “USD-Notes”
                not convertible into Zenith         equity dilutive funding, in order to facilitate
                equity.                             the attraction of more significant interest           ISIN: XS2108546651
                                                    from investors as it implements its ambitious
                                                    African development strategy.

                                                                                                          CHF 1,000,000 bearing an interest

                Zenith has made coupon payments, in full and on time, in relation to all of its
                                                                                                      4   of 10.00% per year the “CHF-Notes”
                                                                                                          ISIN: XS2108546818
                outstanding fixed-income debt instruments
SLIDE
12
SUMMARY INVESTMENT CASE                                                                       PRODUCTION POTENTIAL
                                                                                                              OF APPROX DURING 2021:

                 Identifying and completing a number of potentially                                           2,000 -
                 transformational oil and gas production opportunities
2021
ZENITH ENERGY
JULY 2021        across Africa
                                                                                                              3,000 BOPD
                                               Tunis
                                                                                    MANAGEMENT ALIGNED         CONDITIONAL EXISTING
                                                                                    WITH SHAREHOLDERS - THE    TOTAL PRODUCTION
                                                                                    BOARD OF DIRECTORS AND     OF APPROX. 650 BOPD
                                     TUNISIA
                                                                                    MANAGEMENT COLLECTIVELY    ACROSS PORTFOLIO
                                                                                    HOLD APPROXIMATELY
                                                                                    10 PERCENT OF ZENITH’S
                                                                                    SHARE CAPITAL .

                 1                                                                   4

                 UNIQUELY POSITIONED BY WAY OF EXTENSIVE                            STRINGENT DUE
                 NETWORKS AND RELATIONSHIPS TO EXECUTE A                            DILIGENCE PERFORMED
                 COUNTERCYCLICAL ACQUISITION CAMPAIGN IN                            FOR ALL NEW ASSETS
                 AFRICA TARGETING LOW-RISK OIL PRODUCTION                           BEING REVIEWED AS
                 ASSETS GENERATING SIGNIFICANT PRODUCTION                           POTENTIAL ACQUISITIONS
                 REVENUE.
                                                                                                                                 REPUBLIC
                                                                                                                                 OF THE
                                                                                                                                 CONGO

                 2                                      3                           5

                 HIGHLY EXPERIENCED                    READY AVAILABILITY OF        HIGHLY KNOWLEDGEABLE
                 OPERATIONAL TEAM WITH                 DRILLING EQUIPMENT AND       AND WELL CONNECTED                     Brazzaville
                 PROVEN TRACK-RECORD                   TECHNICAL PERSONAL           ADVISORY COMMITTEE
                 OF SUCCESS                            ACROSS ALL ACQUISITION       RECENTLY CREATED TO
                                                       OPPORTUNITIES . (COMPANY     SUPPORT ITS BUSINESS
                                                       OWNS KEY DRILLING            DEVELOPMENT ACTIVITIES
                                                       EQUIPMENT INCLUDING A        IN WEST AFRICA
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                                                       DRILLING RIG (1,200HP) AND
13                                                     A WORKOVER RIG (375HP))
TEAM
                 Executive Directors & Senior Management
2021
ZENITH ENERGY
JULY 2021
                                              Luca Benedetto                  Luca Benedetto trained in Italy as a registered
                                              Chief Financial Officer         accountant with further education in IFRS accounting
                                              & Executive Director            and consolidation at IPSOA Milan. He has more than
                                              (UK based)                      twenty-five years of accounting, auditing and financial
                                                                              administration experience.
                Andrea Cattaneo
                Chief Executive
                Officer & President           Dr. José Ramón López Portillo   Former Mexican Ambassador to Food and Agriculture
                (UK & Africa based)           Chairman and Non-executive      Organisation (United Nations) and Minister in Mexican
                                              Director, (UK based)            Federal Government. Leading researcher on the energy
                                                                              security of Mexico. He is also the Former Chairman of the
                Proven deal maker and                                         FAO council. Holds a doctorate from the University of Oxford
                government advisor with                                       in political science and international relations.
                specific expertise in FSU
                and African countries. He
                has more than 30 years of     Dr. Dario Sodero                Experienced energy industry executive with strong
                experience in sovereign       Non-executive Director,         geological, technical and exploration expertise in North
                loans, capital markets and    (Canada based)                  America, North Africa and the Middle East. Holds a doctorate
                oil trading between Western                                   in Geological Sciences from the University of Turin, Italy.
                and emerging countries.
                Andrea is one of Zenith’s
                founders and largest          Sergey Borovskiy                Sergey has over 25 years of experience in business
                shareholders.                 Non-executive Director          management in China and Hong Kong, he is fluent in Russian,
                                              (China based)                   English and Mandarin and holds a degree in economics. He is
                                                                              Chairman of various oil & gas consulting, engineering, trading,
                                                                              chemical, seismic research and exploration services companies
                                                                              based in China and Hong Kong.
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14
CONTACT   Zenith Energy Ltd.
                  Andrea Cattaneo
                  Chief Executive Officer
                  E-mail: info@zenithenergy.ca
                  Tel: +1 (587) 315 9031

                  Allenby Capital Limited -
                  Financial Adviser & Broker
                  Nick Harriss, Nick Athanas
                  Tel: + 44 (0) 203 328 5656

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08
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