REG - Zenith Energy Ltd - Tunisia recognises ownership of crude oil

Zenith EnergyAnnouncement

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RNS Number : 3085A  Zenith Energy Ltd  14 April 2026

April 14, 2026

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Tunisia recognises ownership of crude oil

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), provides an update
regarding recent submissions made by the Republic of Tunisia in connection
with the ongoing arbitration proceedings before the International Centre for
Settlement of Investment Disputes ("ICSID") against the Republic of Tunisia
by its fully owned claimant subsidiaries.

The Republic of Tunisia has now formally recognised that the Robbana and El
Bibane production concessions (the "Concessions") are held by Zenith's fully
owned subsidiary, Ecumed Petroleum Tunisia Ltd ("EPT").

In addition, the Republic of Tunisia has confirmed in writing that
approximately 3,987 barrels of oil produced from the Concessions are fully
owned by EPT. These volumes correspond to oil produced since 2022, which had
remained unsold due to repeated obstructions by Tunisian authorities,
preventing EPT from generating any revenue and operating fairly.

At an oil price of US$100 per barrel, the recognised oil inventory has an
estimated gross value of approximately US$400,000. In addition, as announced
on 27 November 2025 via regulatory news, approximately 8,000 barrels of oil
remain stored at Robbana, representing an estimated gross value of
approximately US$800,000, based on the same pricing assumptions. Together,
these figures underscore the significant economic impact of the ongoing
inability to monetise production from the Concessions.

This latest confirmation represents a significant development in the
arbitration process, particularly considering previous disputes regarding the
handling, storage, and sale of oil produced from the Concessions. It follows
earlier events in which 3,987 barrels of oil transferred to MARETAP were sold
without authorisation, with no proceeds remitted to EPT.

Zenith's claimant subsidiaries continue to pursue all available legal remedies
through the ICSID to protect their rights and seek compensation for damages
resulting from what they consider unlawful obstruction, expropriation, and
breaches of treaty obligations by the Republic of Tunisia.

Theft and Vandalism at Robbana

The Company also reports that the Robbana production concession has been
subject to extensive vandalism and theft, resulting in the site
being entirely non-operational for a period of at least one year.

Critical equipment has been stolen and vandalised, causing severe degradation
of infrastructure and preventing any meaningful production activity. The
extent of the damage is such that a significant rehabilitation
programme will be required before operations can resume.

Zenith considers that these developments have further exacerbated the damages
suffered by its subsidiaries.

Andrea Cattaneo, Chief Executive Officer, commented:

"The formal recognition by the Republic of Tunisia of the claimants' ownership
of both the Concessions and the associated oil inventory represents a highly
significant development in the context of the ongoing proceedings before the
ICSID. This is because it directly supports the position consistently advanced
by our subsidiaries and further reinforces the strength of their claims.

We also note the highly unusual nature and timing of the extensive damage
inflicted on the Robbana concession. The fact that critical infrastructure has
been vandalised and equipment removed, rendering the site inoperable for an
extended period, raises serious concerns, particularly when considered
alongside the continued pattern of conduct that has caused sustained harm to
the claimants' assets and operations in Tunisia.

Taken together, these developments provide further compelling evidence of the
ongoing damage suffered by the claimants. Zenith's claimant companies remain
fully committed to pursuing all available legal remedies to ensure that their
rights are upheld and that full compensation is obtained."

Further Information:

  Zenith Energy Ltd                          Tel: +1 (587) 315 1279

 Andrea Cattaneo, Chief Executive Officer   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 on
the Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

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

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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