Grant of Stock Options

February 27, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Grant of Stock Options

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed international energy production and development company, announces that it has granted a total of 29,031,131 stock options (the "Options") to certain Directors and employees of the Company in accordance with the Company's Stock Option Plan.

The Options have an exercise price of NOK 0.44 per Option (approximately equivalent to £0.034 or 0.42 SEK), are fully vested and have a duration of five years from the date of issue.

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

LinkedIn: https://bit.ly/3A5PRJb

Market Abuse Regulation (MAR) Disclosure

This information is subject to the disclosure requirements of Article 17 of the EU Market Abuse Regulation (“MAR”). The information was authorised for publication by the contact person.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1 Details of the person discharging managerial responsibilities / person closely associated a) Name Andrea Cattaneo 2 Reason for the notification a) Position/status Chief Executive Officer & President b) Initial notification/Amendment Initial Notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Zenith Energy Ltd. b) LEI 213800AYTYOYD61S4569 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument

Options for common shares of no par value in Zenith Energy Ltd. Identification code CA98936C8584 b) Nature of the transaction Grant of Stock Options in accordance with Stock Option Plan c) Price(s) and volumes(s) Price(s) Volume(s) NOK 0.44 16,838,056 d) Date of the transaction(s) February 27, 2026 e) Place of the transaction Off Market 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Luca Benedetto 2 Reason for the notification a) Position/status Chief Financial Officer and Executive Director b) Initial notification/Amendment Initial Notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Zenith Energy Ltd. b) LEI 213800AYTYOYD61S4569 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument

Options for common shares of no par value in Zenith Energy Ltd. Identification code CA98936C8584 b) Nature of the transaction Grant of Stock Options in accordance with Stock Option Plan c) Price(s) and volumes(s) Price(s) Volume(s) NOK 0.44 2,903,113 d) Date of the transaction(s) February 27, 2026 e) Place of the transaction Off Market 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Sergey Borovskiy Alexandrovich 2 Reason for the notification a) Position/status Non-Executive Director b) Initial notification/Amendment Initial Notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Zenith Energy Ltd. b) LEI 213800AYTYOYD61S4569 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument

Options for common shares of no par value in Zenith Energy Ltd. Identification code CA98936C8584 b) Nature of the transaction Grant of Stock Options in accordance with Stock Option Plan c) Price(s) and volumes(s) Price(s) Volume(s) NOK 0.44 1,451,557 d) Date of the transaction(s) February 27, 2026 e) Place of the transaction Off Market