October 27, 2026
 
ZENITH ENERGY LTD.

("Zenith" or the "Company")

Appointment of The Hon Michael R. Pompeo as Strategic Advisor 

Zenith (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed international energy
production and development company, is pleased to confirm that it has engaged
the Hon. Michael R. Pompeo and his advisory firm, CNQ Global Advisors, in
connection with the approximately US$573 million international arbitration being
pursued by Zenith's UK subsidiaries against the Republic of Tunisia before the
International Centre for Settlement of Investment Disputes ("ICSID") under the
1989 bilateral investment treaty between the United Kingdom and Tunisia (the
"Advisory Engagement").

About CNQ Global Advisors

Secretary Michael R. Pompeo served as the 70th United States Secretary of State
from 2018 to 2021, having previously served as Director of the Central
Intelligence Agency from 2017 to 2018. Before joining the Executive Branch, he
served three terms as a Member of the United States House of Representatives for
Kansas' 4th District from 2011 to 2017. As Chairman of CNQ Global Advisors, his
experience at the highest levels of US government brings a strategic and
geopolitical perspective to the dispute and to potential paths towards a
resolution that serves the interests of both parties.

CNQ Global Advisors is led by Vice Chairman Brian Bulatao, formerly Chief
Administrative Officer of Activision Blizzard and Under Secretary of State for
Management, and President Professor Matthew Kroenig. Professor Kroenig is a
tenured professor of government and foreign service at Georgetown University and
a senior fellow at the Atlantic Council's Scowcroft Center for Strategy and
Security. He has served in the US Department of Defense and the intelligence
community, and as a commissioner on the Congressional Commission on the
Strategic Posture of the United States.

CNQ's senior advisory team includes Elliott Abrams, former Deputy National
Security Advisor; Ulrich Brechbühl, former Counselor of the US Department of
State; J. Peter Pham, former US Special Envoy for the Great Lakes and Sahel
Regions of Africa; and Kurt Volker, former US Ambassador to NATO and US Special
Representative for Ukraine Negotiations. The wider team also includes former
senior officials and experts in diplomacy, national security, defence, economic
policy and international affairs. Together, their experience provides CNQ with a
broad perspective on the political and international dimensions of the dispute
and the opportunities for a constructive way forward.

Key Objectives of the Advisory Engagement

The objective of the Advisory Engagement is to support the Company's UK
subsidiaries in their arbitration proceedings before the International Centre
for Settlement of Investment Disputes (ICSID). Zenith remains open to a
potential settlement that appropriately reflects the legal and economic value of
the claims advanced by its UK subsidiaries. In this context, the Advisory
Engagement will consider options to help the subsidiaries and the Republic of
Tunisia move beyond the dispute and pursue a more constructive and prosperous
future for both sides.
Secretary Michael R. Pompeo commented:

"The Claimants' case rests on firm legal footing, and they have pursued it with
perseverance and good faith. At the heart of the dispute are fundamental
investor protections, the same protections that give Western companies the
confidence to invest in Tunisia's future. Drawing on my experience in
government, diplomacy, and international affairs, I am confident that my team
and I can help bring this dispute to an amicable resolution that serves the
interests of both parties and reinforces Tunisia's standing as an attractive
destination for international investment."

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We are delighted to welcome Secretary Pompeo and CNQ Global Advisors as
strategic advisors at this important stage of the ICSID arbitration. Their
combined experience and insight in government, national security and diplomacy
bring exceptional value as we approach the Tribunal's award. Their decision to
undertake this advisory engagement reflects clear confidence in the merits of
the Claimants' case and the belief that a positive outcome can be achieved
through the period leading up to the Tribunal's final award and beyond. We could
not ask for a more experienced and world-renowned team to assist in bringing
this dispute to a satisfactory conclusion.

At the final hearing in Paris in April 2026, the Claimants' case was presented
by a legal team that included Charles Michel, former President of the European
Council and former Prime Minister of Belgium. The witness testimony raised
significant factual issues, several of which the Tribunal indicated warranted
further consideration in the post-hearing submissions. We believe these matters
support the strength of the claims, which seek approximately US$572.65 million
on behalf of our wholly owned UK subsidiaries.

We are fully confident that the Tribunal will find in favour of the Claimants
and issue an award that appropriately reflects the value of the claims."

Further Information:

Zenith Energy Ltd

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

 
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 on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

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

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. 
 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. \