Tunisia Fails ICSID Payment Obligations

Zenith Energy

Mon 07:00

RNS Number : 3203C
  
Zenith Energy Ltd
  
09 November 2026
  
 



November 9, 2026


ZENITH ENERGY LTD.


("Zenith" or the "Company")


Republic of Tunisia Fails to honour ICSID Arbitration Payment Obligations


 


Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed international energy production and development company, provides an update in relation to the approximately US$573 million international arbitration being pursued by Zenith's UK subsidiaries (the “Claimants”) against the Republic of Tunisia before the International Centre for Settlement of Investment Disputes ("ICSID") under the 1989 bilateral investment treaty between the United Kingdom and Tunisia (the “ICSID Arbitration”). 


Following the Republic of Tunisia’s persistent failure to meet its payment obligations throughout the ICSID Arbitration, ICSID has again requested Tunisia to pay its outstanding share of the ICSID Arbitration costs. This procedural development reflects Tunisia’s continued non-compliance with its financial obligations and ICSID’s efforts to ensure that such non-compliance does not impede the continued progression of the ICSID Arbitration towards a final award.


Since the commencement of the ICSID Arbitration, the Republic of Tunisia has failed to contribute towards any of the procedural costs ordinarily shared equally between the parties, leaving the Claimants to bear these expenses. The Company considers this persistent refusal to comply with established procedural obligations to constitute a deliberate, bad-faith attempt to obstruct the administration of justice and impede the Claimants’ pursuit of their legitimate treaty claims, rather than evidence of any inability by the Republic of Tunisia, as a sovereign State, to meet its financial obligations.


This conduct is particularly surprising given Tunisia’s continued representation by Curtis, Mallet-Prevost, Colt & Mosle LLP, a leading international law firm specialising in sovereign defence. The Company considers that Tunisia’s continued non-compliant conduct has once more raised serious questions regarding its commitment to honouring its obligations under the bilateral investment treaty between the United Kingdom and Tunisia, as well as its broader obligations towards international investors.


The Claimants consider this conduct part of an ongoing pattern of procedural abuse throughout the ICSID Arbitration.


The Company will provide further updates as appropriate.


- ENDS -


 


Further Information:


Zenith Energy Ltd.


Andrea Cattaneo, Chief Executive Officer


Tel: +1 (587) 315 1279


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 


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.


 


 



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
MSCGGBDBUUGDGLC