January 18, 2024
 
ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on United States portfolio 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international
energy production and development company with a focus on opportunities in
Central Asia and the US, is pleased to provide an update regarding the
development of Cyber Apps World Inc. ("CYAP"), a U.S. listed company of which
Zenith acquired majority control by way of a Securities Purchase Agreement in
August 2023, and the Company's previously announced business development
activities in the US.

First Acquisition in the US onshore oil and gas space completed by CYAP

On January 16, 2024, CYAP announced that its subsidiary, CYAP Oil, LLC, had
successfully bid at auction for a 5% royalty interest in a package of seven (7)
producing wells located in the Eagle Ford Shale, Lavaca County, Texas. 

This represents CYAP's first transaction in the US energy production and
development sector and is, in line with Zenith's strategy for CYAP, a shift away
from software development towards identifying and acquiring opportunities in the
US energy and production development sector. 

CYAP has confirmed that further acquisitions of this kind, specifically
royalties in non-operated oil and gas production leases, are planned. 

Change of name to Leopard Energy, Inc.
 
In view of the change in strategic direction away from software development,
CYAP has elected to change its name to Leopard Energy, Inc. 

It is expected that the name change will become effective once all the necessary
regulatory formalities are completed. 

Update on US acquisitions announced by Zenith during 2023 

The Company confirms that, following the acquisition of CYAP in August 2023, it
has discontinued and terminated the three separate transactions announced to the
market on June 2, 2023, July 5, 2023, and August 3, 2023, respectively.
 
Andrea Cattaneo, Chief Executive Officer, commented:

"We are pleased that CYAP has now completed its first acquisition in the US oil
and gas space. The acquisition of a non-operated oil and gas production royalty
delivers immediate monthly cashflow and will enable an attractive payback of the
initial investment. 

It our intention that CYAP's first acquisition be followed by various other
similar acquisitions in an incremental manner, following geological, financial,
and legal due diligence, to achieve 'critical mass' and build a balanced,
revenue generating and profitable portfolio.

We believe CYAP will attract financial support from US capital markets as the
benefits of implementing an accretive growth strategy centred on purchasing
interests in non-operated oil and gas production leases, during a period of
favourable energy prices, becomes increasingly apparent." 

Further Information:

Zenith Energy Ltd 

Andrea Cattaneo, Chief Executive Officer	 
Tel: +1 (587) 315 1279
E:       info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser
Nick Harriss
Daniel Dearden-Williams	Tel: + 44 (0) 203 328 5656
 
Notes to Editors:
 
Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in North Africa and Europe,
including electricity generation in Italy. The Company is listed on the London
Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock
Exchange (OSE: ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF).
 
Zenith's strategic focus is on pursuing development opportunities 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
Twitter: @zenithenergyltd
LinkedIn:  https://bit.ly/3A5PRJb
 
 
Market Abuse Regulation (MAR) Disclosure 

The information included in this announcement is defined as inside information
pursuant to MAR article 7 and is publicly disclosed in accordance with MAR
article 17 and section 5 -12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person.

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