Lisbon, 9 March 2020 – ARC Ratings, S.A. (ARC Ratings) puts the final public “B+” issuer medium and long-term rating assigned to Zenith Energy Ltd. (Zenith) under review. This action reflects recent developments announced by Zenith, including: (i) the planned handover of the Contract Rehabilitation Area in Azerbaijan to SOCAR, the State Oil Company of Azerbaijan Republic, (relating to existing wells and production whilst maintaining in force the Contract Exploration Area for the development of new production) and (ii) potentially transformational hydrocarbons producing acquisitions announced in North Africa, in Sub Sahara Africa and Italy. ARC Ratings is undertaking the necessary diligence to conclude this interim review within one month, i.e. by 9 April 2020.