REG - Zenith Energy Ltd - ICC Arbitral Tribunal awards costs

Zenith Energy (CA)Announcement

29/11/2023 09:45

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RNS Number : 0722V  Zenith Energy Ltd  29 November 2023

November 29, 2023

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

ICC Arbitral Tribunal awards costs

 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed
international energy production and development company, is pleased to
announce that the ICC (International Chamber of Commerce) appointed Arbitral
Tribunal for the arbitration claims launched against Entreprise Tunisienne
d'Activités Pétrolières ("ETAP"), the national oil company of the Republic
of Tunisia (the "ICC Arbitration"), has rejected ETAP's request to include
the Tunisian State as co-defendant and ordered ETAP to pay approximately EUR
120,000 in costs.

Zenith Energy will seek to enforce the decision with a view to receiving
payment directly to the claimant, a fully owned subsidiary of the Company,
named Ecumed Petroleum Zarzis Ltd ("EPZ"), registered in Barbados.

 

Background

 

On July 10, 2023, the Company announced that it had successfully obtained a
"conservative seizure" for an amount equivalent to approximately US$6.5
million deposited in a bank account under the name of ETAP
in Switzerland (the "Conservative Seizure").

 

The Conservative Seizure was granted in view of ETAP's failure to comply with
its contractual obligations and pay for oil produced and sold by EPZ.

 

The ICC Arbitration has been commenced by the Company following the
Conservative Seizure and was announced on November 1, 2023.

 

 

Further Information:

 

 

 Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer     Tel: +1 (587) 315 1279

                                               E:  info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 Allenby Capital Limited - Financial Adviser   Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams

 

 

 

Notes to Editors:

 

Zenith Energy Ltd. is a revenue generating, independent energy company with
production, exploration and development assets in North Africa and Europe,
including electricity generation in Italy. 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 Venture Market of the OTCQB (OTCQB: 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)

 

 

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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