REG - Zenith Energy Ltd - Final Submission of ICSID on the Merits

Zenith EnergyAnnouncement

22/09/2025 07:45

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RNS Number : 2211A  Zenith Energy Ltd  22 September 2025

September 22, 2025

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Final Submission of ICSID on the Merits

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to announce that its fully owned UK subsidiaries, Zenith Energy Africa Ltd, Zenith Overseas Assets Ltd and Compagnie du Désert Ltd (collectively the "Claimants"), have filed their final submissions in respect of the ongoing international arbitration against the Republic of Tunisia before the International Centre for Settlement of Investment Disputes in Washington, an institution operating under the auspices of the World Bank ("ICSID").

Appointment of Expert

 

The Company is pleased to announce the appointment of TWCOG LLP ("TWCOG"), a
leading advisory firm with offices in London and Singapore. TWCOG was founded
by Mr. Anthony Way, who has participated in more than sixty international
disputes in the oil and gas industry and has provided expert testimony in over
fifty arbitration cases. His extensive experience includes involvement in
multiple ICSID claims concerning the expropriation of assets by States from
oil and gas companies.

 

TWGOG has worked closely with the Company's independent reserves evaluator,
Chapman Hydrogen and Petroleum Engineering Ltd. ("Chapman"), a
professional engineering and reserves evaluating firm based in Calgary, the
epicentre of the energy industry in Canada, with more than 50 years of
experience in the oil and gas industry.

 

Quantification of Damages

 

TWGOG, having reviewed previous damage quantification, has reappraised the
claimed amount under the ICSID Arbitration, which as last announced on October
3, 2024, by the Company, was previously calculated in the amount of US$503
million.

 

A new total claimed amount, considering various additional breaches and
obstructions, has been assessed in the total amount of US$572.65 million.

 

Background

The ICSID Arbitration was initiated by the Claimants in June 2023 following
the Republic of Tunisia's failure to comply with the terms of the Investment
Treaty BIT United Kingdom of Great Britain and Northern Ireland - Tunisia
signed in 1989.

 

 

The Company's legal counsel is comprised by Clay Arbitration and Charles
Russell Speechlys (CRS), Paris.

Clay Arbitration

Clay Arbitration is a boutique law firm dedicated to arbitration, founded
by Professor Thomas Clay, a leading authority in the field. Professor Clay is
a full Professor of Private Law at the Sorbonne Law School (Université Paris
1 Panthéon-Sorbonne), where he teaches Arbitration Law and Alternative
Dispute Resolution. He has also served as interim President of Université
Paris 1 and created advanced degree programmes in arbitration and
international trade.

Alongside his academic leadership in France, Professor Clay has held
international teaching positions, including serving as Visiting Professor
at Columbia Law School in New York. His expertise has also been recognised
at the governmental level: he has been appointed by the French government to
various roles, including service on commissions and expert groups addressing
arbitration and dispute resolution policy.

With more than two decades of experience, Professor Clay has acted as chair,
sole arbitrator, co-arbitrator, and counsel in a wide range of domestic and
international arbitrations. His work spans key sectors such as energy,
telecommunications, construction, banking, and commercial law, under leading
institutional rules including ICC, ICSID, and UNCITRAL.

In addition to his practice, Professor Clay is the author of several widely
cited works, including L'Arbitre and the Code de l'arbitrage commenté. He
is consistently recognised in international rankings such as Chambers and
Legal 500 and is fluent in French, English, Spanish, and Italian, allowing him
to conduct proceedings across diverse jurisdictions.

Charles Russell Speechlys (CRS), Paris

Maître Simon Le Wita is a partner in the Litigation and Dispute Resolution
team at Charles Russell Speechlys in Paris. He has extensive experience in
both national and international litigation and arbitration, with a particular
focus on complex commercial, banking, and financial disputes.

Simon regularly represents corporations, financial institutions, and
investment funds in high-value proceedings before French courts and arbitral
tribunals. His arbitration practice spans institutional rules such as ICC,
LCIA, and ICSID, as well as ad hoc proceedings. He is recognised for his
strategic approach to cross-border disputes and his ability to manage
proceedings involving multiple jurisdictions.

 

Procedural Calendar

 

The final hearings for the ICSID Arbitration are expected to take place during
the second part of April 2026.

 

 

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
has received conditional approval for listing on the Spotlight Stock Market in
Sweden.

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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