Second MOU for oil production assets in Kazakhstan

September 15, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Second MOU for oil production assets in Kazakhstan

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to announce that it has signed a second MOU (the "MOU") with a company incorporated in Kazakhstan (the "Seller") to evaluate the potential acquisition of two oil development assets.

The Seller holds a 100% interest in two contiguous oil development assets located in the Kyzylorda Region of Kazakhstan (the "Potential Acquisition").

The Potential Acquisition is classified as an oil development asset because a discovery was made in 2014, and there is confirmed potential for commercial oil production activities. It is expected that drilling activities targeting the Jurassic section of formations located within the Potential Acquisition have significant production potential.

The purpose of the MOU is to formalise a framework whereby Zenith's interest in the Potential Acquisition may be completed subject to the completion of a rigorous technical and financial due diligence.

According to the terms of the MOU, commercial terms for the Potential Acquisition, if agreed between the parties, are to be formalised by way of a share purchase agreement on or before November 30, 2023.

The 2P (proven and probable) reserves of the Potential Acquisition have been quantified in the amount of approximately 4.5 million barrels of oil. Fully risked 3P (proven, probable, and possible) reserves are estimated around 62.5 million barrels of oil. These evaluations have not been performed in compliance with Canadian securities laws, specifically the COGE Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

Andrea Cattaneo, Chief Executive Officer, commented:

“We are pleased to have signed a second MOU for an oil development asset in Kazakhstan. Zenith’s management and advisers have, in line with our development strategy, continued to explore additional acquisition opportunities with the objective of building a consolidated portfolio of near-term production and development assets.

The assets under review appear to have a clear pathway to oil production without the requirement for intensive technical and financial investment.

rally

1kr for en del år siden nå 0,05kr jeg tok et lodd.

Der small vi opp et titusendedels øre gitt.

Blir vel ittno rally før olja spruter opp av bakken!

Spennende at ytterligere skjer i Kazaksthan. Bare håper dette er «reelle» muligheter, og ikke så store drømmeprosjekter som er uoppnåelig for Zenith. Og som kan dra ut i tid.

Først 500 boed, så 1000 boed. Da vil vi være i gang på «reisen»!

jeg tror vi får en god opptur snart etter et slik fall.

September 15, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Second MOU for oil production assets in Kazakhstan

Zenith Energy Ltd. (LSE: ZEN ; OSE: ZENA), the international energy production
and development company, is pleased to announce that it has signed a second MOU
(the "MOU") with a company incorporated in Kazakhstan (the "Seller") to evaluate
the potential acquisition of two oil development assets.

The Seller holds a 100% interest in two contiguous oil development assets
located in the Kyzylorda Region of Kazakhstan (the "Potential Acquisition").

The Potential Acquisition is classified as an oil development asset because a
discovery was made in 2014, and there is confirmed potential for commercial oil
production activities. It is expected that drilling activities targeting the
Jurassic section of formations located within the Potential Acquisition have
significant production potential.

The purpose of the MOU is to formalise a framework whereby Zenith's interest in
the Potential Acquisition may be completed subject to the completion of a
rigorous technical and financial due diligence.

According to the terms of the MOU, commercial terms for the Potential
Acquisition, if agreed between the parties, are to be formalised by way of a
share purchase agreement on or before November 30, 2023.

The 2P (proven and probable) reserves of the Potential Acquisition have been
quantified in the amount of approximately 4.5 million barrels of oil. Fully
risked 3P (proven, probable, and possible) reserves are estimated around 62.5
million barrels of oil. These evaluations have not been performed in compliance
with Canadian securities laws, specifically the COGE Handbook and National
Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased to have signed a second MOU for an oil development asset in
Kazakhstan. Zenith's management and advisers have, in line with our development
strategy, continued to explore additional acquisition opportunities with the
objective of building a consolidated portfolio of near-term production and
development assets.

The assets under review appear to have a clear pathway to oil production without
the requirement for intensive technical and financial investment.

Funding of any potential transaction in Kazakhstan will not be funded by way of
equity.
We look forward to reporting on our exciting progress in Kazakhstan on or before
the close of November 2023."


Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer

Tel: +1 (587) 315 1279
E: info@zenithenergy.ca

Lykke til, kan bli bra denne.

Hva er likheten mellom ei ku og Zenith?

kanon melding :) dette er snart i boks

Ja, V I R K E L I G på tide noe skjer i denne!

Markedet tror det er en fugl på taget igen for kursen stiger.
Der skal noget mere konkret på bordet

Det kommer alltids noen rasshøl og tryner ut aksjer i denne! Gang på gang! Kan'ke få oppgang da vøttø....

tipper vi fort kan få 10øre

jeg tokk et nytt lodd .

Hor mange lodd har du nå Sabi?