Settlement of the option agreement between Zenith Pure Oil and MUFG Securities EMEA plc. 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 MUFG Securities EMEA plc. (“MUFG”) on 11 November 2019, that the option rights in relation to 5,303,295 Zenith Pure Oil Series “A” Ordinary shares (“Shares”) under the share option agreement executed between MUFG and Zenith Pure Oil on 6 November 2018 will be cash settled on 13 November 2019.

The strike price of the options is EUR 9.0559.

Simultaneously, Zenith Pure Oil and MUFG entered into a new share purchase agreement and share option agreement. As a result of the share purchase transaction MUFG shall receive ownership of 5,648,407 pieces of Shares. Under the share option agreement Zenith Pure Oil receives American call options and MUFG receives European put options in relation to 10,951,702 Shares with the effective date of 13 November 2019. The maturity date of both the call and put options is 16 June 2020, and the strike price of both options is EUR 9.1600 per Share.

Following this transaction, Zenith Pure Oil directly and indirectly owns 60,596,746 “A” Series and 578 “C” Series Zenith Pure Oil Ordinary shares.