REG - Zenith Energy Ltd - Final hearings of ICC-2 Arbitration

Zenith EnergyAnnouncement

20/02/2025 07:45

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RNS Number : 8512X  Zenith Energy Ltd  20 February 2025

February 20, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Final hearings of ICC-2 Arbitration

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC
PINK: ZENAF), the listed international energy production and development
company, is pleased to announce that the pre-hearing session of the ICC-2
Arbitration regarding the Sidi El Kilani concession ("SLK Concession") against
the Republic of Tunisia ("ICC-2 Arbitration") has now been held, and to
confirm that the final hearings of the ICC-2 Arbitration will be held next
week.

Background

Zenith's fully owned subsidiary, Canadian North Africa Oil and Gas
Limited ("CNAOG") initiated the ICC-2 Arbitration against the Republic of
Tunisia, as announced in December 2023, following a series of arbitrary
actions and obstructions undertaken by the Republic of Tunisia, leading to the
arbitrary termination of the SLK concession.

Inter alia, these included:

·    CNAOG's lost production revenue and associated profitability, during
a period of high energy prices, from the SLK Concession until its initial
expiry in December 2022.

·    The volume of crude oil produced from the SLK Concession and
allocated to and received by CNAOG upon the completion of the acquisition.

·    Unpaid invoices for oil production by ETAP, the national oil company
of Tunisia.

·    The value of the 45% interest in the renewal of the SLK Concession,
representing a breach of CNAOG's right to renew its previously existing 22.5%
interest in SLK, as well as the 22.5% interest held by Kuwait Foreign
Petroleum Exploration Company, which relinquished its interest in the SLK
Concession before its initial expiry.

CNAOG has filed claims in the amount of approximately US$130 million following
calculations made by third-party experts.

Procedural Timeline

Following the pre-hearing session of the ICC-2 Arbitral Tribunal, the
procedural timeline has been finalised.

The final hearings of the ICC-2 Arbitration are scheduled to take place during
the week commencing February 24, 2025.

 

Andrea Cattaneo, Chief Executive Officer, commented:

 

 

"We are pleased that the final hearings of the ICC-2 Arbitration are to be
held during the course of next week.

Our primary objective remains to achieve legal redress for the very
significant damages caused to CNAOG."

 

Further Information:

 

 

 

 Zenith Energy Ltd

 Andrea Cattaneo, Chief Executive Officer

                                             Tel: +1 (587) 315 1279

                                             E:        info@zenithenergy.ca (mailto:info@zenithenergy.ca)

 

 

 

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 Pink Markets of the OTC (OTC PINK: 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)

 

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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