RCS - Zenith Energy Ltd - Update on ICC Arbitration proceedings against ETAP

Zenith EnergyAnnouncement

07/05/2024 07:15

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RNS Number : 3658N  Zenith Energy Ltd  07 May 2024

May 7, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on ICC Arbitration proceedings against ETAP

 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed
international energy production and development company, is pleased to provide
an update regarding the ICC (International Chamber of Commerce) arbitration
case seated in Paris (France) against Entreprise Tunisienne d'Activités
Pétrolières ("ETAP"), the national oil company of the Republic of
Tunisia (the "ICC Arbitration").

 

Background

 

On July 10, 2023, the Company announced that it had successfully obtained a
"conservative seizure" for an amount equivalent to approximately US$6.5
million deposited in a bank account under the name of ETAP
in Switzerland (the "Conservative Seizure").

 

The Conservative Seizure was granted in view of ETAP's failure to comply with
its contractual obligations to pay for oil produced and sold by the claimant,
a wholly owned subsidiary of Zenith, named Ecumed Petroleum Zarzis
Ltd ("EPZ"), registered in Barbados.

 

On November 29, 2023, the Company announced that the Arbitral Tribunal of the
ICC Arbitration had rejected ETAP's request to include the Tunisian State as
co-defendant and ordered ETAP to pay approximately EUR 120,000 in costs to
EPZ.

 

Update

 

The Company is pleased to announce that it has strengthened its legal team in
support of the ICC Arbitration by appointing Clay Arbitration, an independent
boutique law firm specialised in arbitrations founded by Professor Thomas
Clay, a renowned academic and lawyer, who is currently Professor at Sorbonne
Law School, where he teaches Arbitration Law and Alternative Dispute
Resolution.

 

Professor Clay has participated in approximately one hundred arbitration
proceedings as chairman, sole arbitrator, and co-arbitrator, as well as
counsel in domestic and international arbitrations. He has also participated
in ad hoc and institutional arbitrations in the fields of energy, oil and gas,
mining, telecommunications, construction, distribution, commercial law, sports
law, labour law (ICC, ICSID, LCIA).

 

 

 

 

 

 

 

 

 

Further Information:

 Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer     Tel: +1 (587) 315 1279

                                               E:       info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 Allenby Capital Limited - Financial Adviser   Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams

 

 

 

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 the Venture Market of the OTCQB (OTCQB: ZENAF).

 

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
(http://www.zenithenergy.ca)

Twitter: @zenithenergyltd

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

 

 

 

 

 

 

 

 

 

 

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