REG - Zenith Energy Ltd - Conservative seizure of ETAP bank account

Zenith EnergyAnnouncement

10/07/2023 08:15

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RNS Number : 4849F  Zenith Energy Ltd  10 July 2023

July 10, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Conservative seizure of ETAP bank account

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy
production and development company, is pleased to announce that it has
successfully obtained a 'conservative seizure' for an amount equivalent to
approximately US$6.5 million deposited in a bank account in Switzerland under
the name of ETAP, Entreprise Tunisienne d'Activités Pétrolières, the
national oil company of the Republic of Tunisia (the "Conservative Seizure").

 

The Conservative Seizure has been undertaken to avoid the risk of funds being
dissipated or diverted while legal proceedings are ongoing.

 

On June 7, 2023, the Company announced that its subsidiaries had initiated
various legal proceedings against the Republic of Tunisia, with a total
cumulative claimed amount of at least US$48 million.

 

Zenith will provide further updates as appropriate in accordance with
developments.

Further Information:

 Zenith Energy Ltd

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

                                               E:  info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 BlytheRay - Financial PR/IR                   Tel: +44 207 138 3204

 Tim Blythe, Megan Ray, Matt Bowld             E:  zenith@blytheray.com (mailto:zenith@blytheray.com)

 Allenby Capital Limited - Financial Adviser   Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams
 Miriad Limited - Media Enquiries              Tel: +44 7867527659

 Zak Mir                                       E: zak@zakmir.com (mailto:zak@zakmir.com)

 

Notes to
Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in Africa, the Middle East and
Europe, including electricity generation in Italy. The Company is listed on
the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth of
the Oslo Stock Exchange (OSE: ZENA).

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)

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

 

 

 

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