Settlement of the option agreement between Zenith Pure Oil and UniCredit Bank AG and conclusion of a new agreement

Zenith Pure Oil Plc. (“Zenith Pure Oil”) hereby notifies the market of the following:

Zenith Pure Oil agreed with UniCredit Bank AG (“UniCredit”) on 11 November 2019, that the option rights in relation to 27,089,758 Zenith Pure Oil Series “A” Ordinary shares (“Shares”) under the share option agreement executed between UniCredit and Zenith Pure Oil on 14 November 2018 will be settled on 18 November 2019.

Simultaneously, Zenith Pure Oil and UniCredit entered into a new share purchase agreement and share option agreement. According to the share option agreement Zenith Pure Oil receives American call options and UniCredit receives European put options, with the effective date of 18 November 2019. The maturity date of both the call and put options is 14 June 2021.

The number of shares under the share purchase agreement, and the number of options as well as the strike price of the options under the new share option agreement will be defined based on market data available as of 14 November 2019, and the capital market participants will be informed accordingly.