REG - Zenith Energy Ltd - Update on ICC-2 Annulment Application

Zenith EnergyAnnouncement

17/10/2025 07:00

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RNS Number : 7481D  Zenith Energy Ltd  17 October 2025

October 17, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on ICC-2 Annulment Application

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:
ZENA SDR), the listed international energy production and development company,
is pleased to provide an update in connection with the submission by its
wholly owned subsidiary, Canadian North Africa Oil and Gas Limited ("CNAOG"),
of an application for annulment of the ICC-2 Arbitration (the "ICC-2
Arbitration") before the Swiss Federal Supreme Court in Lausanne, Switzerland
(the "Annulment Application").

On September 15, 2025, the Company announced that CNAOG had submitted the
Annulment Application.

The Company can now confirm that the submission of the Annulment Application
has been accepted by the Swiss Federal Supreme Court and that the Company has
consequently made full payment of the procedural fees for the Annulment
Application in the amount of CHF 200,000 (equivalent to approximately to EUR
215,000 or approximately NOK 2,500,000).

Application for Annulment

Under the Swiss procedural rules, the Company applied for annulment of an
arbitral award for, inter alia, cases of serious procedural irregularities.

As previously disclosed on September 15, 2025, following further
investigations conducted by the Company after the ICC-2 Award, the Company
identified previously undisclosed connections between members of the Arbitral
Tribunal and the Republic of Tunisia.

These undisclosed connections and the repeated procedural irregularities,
both during the proceedings and reflected within the ICC-2 Award, constitute
the core foundation for the Annulment Application.

The Company engaged Charles Russell Speechlys Geneva, led by Pierre
Bydzovsky, to prepare and file the Annulment Application.

The Swiss Federal Court usually renders decisions on annulment applications
within 6 to 9 months from submission.

 

Background

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

 

Further Information:

 Zenith Energy Ltd

                                            Tel: +1 (587) 315 1279

 Andrea Cattaneo, Chief Executive Officer

                                            E: 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

 

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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