REG - Zenith Energy Ltd - ICC Arbitration proceedings against ETAP

Zenith Energy (CA)Announcement

01/11/2023 09:15

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RNS Number : 0305S  Zenith Energy Ltd  01 November 2023

 

November 1, 2023

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

ICC Arbitration proceedings against ETAP

 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy
production and development company, announces that it has initiated an ICC
(International Chamber of Commerce) arbitration case seated in Paris, France
against Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the
national oil company of the Republic of Tunisia (the "ICC Arbitration").

 

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 one of the
Company's subsidiaries.

 

The ICC Arbitration has been commenced by the Company following the
Conservative Seizure.

 

ICSID Arbitration

 

Zenith had first announced the submission of a request for arbitration against
the Republic of Tunisia before the International Centre for Settlement of
Investment Disputes in Washington DC ("ICSID Arbitration") on June 7, 2023.

 

The request for damages in the ICSID Arbitration, following various breaches
of bilateral trades agreements made by the Republic of Tunisia to the
detriment of Zenith and its subsidiaries, is for a total cumulative claimed
amount of at least US$48 million.

 

The ICSID Arbitration and the ICC Arbitration are two separate arbitration
proceedings.

Andrea Cattaneo, Chief Executive Officer, commented:

"It is deeply regrettable that Zenith Energy has been compelled to initiate a
second arbitration and conduct conservative seizures against ETAP following
failures to satisfy contractually binding payments for oil production.

Shareholders can take comfort in the decisive action the Board has taken to
ensure that Zenith's interests are upheld."

 

 

 

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)

 

 

 

 

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