April 17, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Updated TCFD Disclosures in Annual Report 

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTCQB:
ZENAF), the listed international energy production and development company,
announces that in consultation with its independent statutory auditor, RPG
Crouch Chapman LLP, it has decided to publish an updated annual audited report
for the financial year ended March 31, 2023 ( the "Annual Report") to ensure
full compliance with the UK's FCA Listing Rule 14.3.27, specifically with
reference to climate related financial disclosures as outlined in the Financial
Stability Board report entitled "Recommendations of the Task Force on
Climate-related Financial Disclosures" published in June 2017 ( the "TCFD
Disclosures").  

The Annual Report is unchanged in respect of the audited annual results released
to the market on July 31, 2023, except for the insertion of revised TCFD
disclosures on page 25 and a continuation of post balance sheet events that have
occurred since July 31, 2023, detailed on page 84 of the Annual Report. 

A copy of the Annual Report has been provided as an attachment to this
regulatory news announcement.  

The Annual Report will also be made available for review on the Company's
website: www.zenithenergy.ca 
The updated TCFD Disclosures contained within the Annual Report may be found on
page 25 of the Annual Report and, for ease of reference, are set out below.

TCFD Compliance Statement 

CLIMATE RELATED FINANCIAL DISCLOSURES

Introduction

The Board recognises that transparency regarding climate-related risks and
opportunities is critical to maintaining the trust of our stakeholders and
allows our investors to understand the implications of the Company's activities
on climate change. The Board's consideration of key environmental risks is
included under the principal risks and uncertainties section of the Director's
Report. The Board also presents the following synthesis of its adoption of the
recommendations of the Task Force on Climate-related Financial Disclosures (the
"TCFD"), structured into four sections: Governance, Risk Management, Strategy
and Metrics & Targets.

Governance

The Board actively oversees The Company's investment strategy. At each Board
meeting our Board engages in robust discussions about its current investments
and any potential investment opportunities where they address any emerging
challenges and disruptions. At the same time, our Board works with senior
management to develop a comprehensive view of the Company's short and long-term
business risks. Both the Board and senior management team recognise that
operating responsibly, which includes minimizing the environmental impact of our
operations, is fundamental to the long-term success of the Company. We believe
building a better future involves embedding climate awareness throughout our
organization, starting at the top.

The Board oversees the management of specific risks and opportunities, including
climate-related risks and opportunities. The senior management team provides
regular updates to our Board on their activities, and, in addition, the Board
reviews the risks associated with the Company's investment strategy throughout
the year.


Risk Management

The Board recognises that climate change risk is a global issue that may impact
how we run our business, both today and in the future. As such, we continue to
look for ways to improve our understanding of climate-related risks. However,
although the impact of climate change is relatively low at this stage in the
Company's development, we are conscious that "doing nothing" isn't an acceptable
response to the impact climate change may have on the business in the future. We
are therefore working to integrate climate risk variables into our overall risk
management process and establish formal multi-disciplinary processes that engage
both the Board and senior management team.

Strategy

The Company operates from a corporate head office in Canada but holds
investments in several global jurisdictions including Italy, USA, Tunisia,
Sudan, and Kazakhstan. The nature of these investments includes oil and gas
extraction and electricity production. The Board is conscious of the inherent
environmental risks associated with the extraction of natural resources and the
production of energy. However, the Board actively encourages its investment
partners to operate within international environmental guidelines and to perform
its activities using the most up-to-date equipment.

Metrics & Targets

The Board is committed to reducing its impact on the environment in all aspects
of its business activities and in all jurisdictions in which it operates. The
Board engages with all its key stakeholders and partners and encourages the
reduction of CO2 emissions throughout the value chain to promote an environment
that actively strives towards achieving 'net zero' by 2035. However, at this
stage in the Company's development there are no formal metrics or targets to
measure the Company's emissions against, but the Board continues to review the
need to implement metrics & targets. 


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
energy production, exploration and development assets in North Africa, the US,
and Europe. 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

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