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

Zenith EnergyAnnouncement

03/03/2025 07:15

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RNS Number : 0564Z  Zenith Energy Ltd  03 March 2025

March 3, 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 confirm that the final hearings of the ICC-2
Arbitration regarding the Sidi El Kilani concession ("SLK Concession") against
the Republic of Tunisia ("ICC-2 Arbitration") have now been held.

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.

·    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.

Timeline for Publication of ICC-2 Award

The decision of the ICC Arbitral Tribunal is expected on or around the close
of summer 2025.

 

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)

 

 

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