Zenith Energy Ltd (LON:ZEN) Final hearings of ICC-2 Arbitration

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTC PINK: ZENAF), the listed international energy production and development company, is pleased to announce that the pre-hearing session of the ICC-2 Arbitration regarding the Sidi El Kilani concession (“SLK Concession”) against the Republic of Tunisia (“ICC-2 Arbitration”) has now been held, and to confirm that the final hearings of the ICC-2 Arbitration will be held next week.

BackgroundZenith’s fully owned subsidiary, Canadian North Africa Oil and Gas Limited (“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.

·    Unpaid invoices for oil production by ETAP, the national oil company of Tunisia.

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

Procedural Timeline

Following the pre-hearing session of the ICC-2 Arbitral Tribunal, the procedural timeline has been finalised.

The final hearings of the ICC-2 Arbitration are scheduled to take place during the week commencing February 24, 2025.

Andrea Cattaneo, Chief Executive Officer, commented:   

“We are pleased that the final hearings of the ICC-2 Arbitration are to be held during the course of next week. 

Our primary objective remains to achieve legal redress for the very significant damages caused to CNAOG.”

Further Information:

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