Settlement of the option agreement between Zenith Pure Oil and ING Bank N.V. 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 ING Bank N.V. (“ING”) on 11 November 2019, that the option rights in relation to 35,838,293 Zenith Pure Oil Series “A” Ordinary shares (“Shares”) under the share option agreement executed between ING and Zenith Pure Oil on 26 November 2018 will be settled on 28 November 2019.

Simultaneously, Zenith Pure Oil and ING 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 ING receives European put options, with the effective date of 28 November 2019. The maturity date of both the call and put options is 23 June 2020.

The number of affected shares under the share purchase agreement, the number of options, as well as the strike price of the options will be defined based on market data available as of 26 November 2019 and the capital market participants will be informed accordingly.