March 3, 2025
ZENITH ENERGY
LTD.
("Zenith" or the
"Company")
Final Hearings of ICC-2
Arbitration
Zenith Energy
Ltd. ("Zenith" or the
"Company") (LSE: ZEN; OSE: ZENA; OTC PINK: ZENAF),
the listed international energy production and development company,
is pleased to confirm that the final hearings of the
ICC-2 Arbitration regarding the Sidi El Kilani concession
("SLK Concession") against
the Republic of Tunisia ("ICC-2
Arbitration") have now been held.
Background
Zenith'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.
·
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.
Timeline for Publication of ICC-2 Award
The decision of the ICC Arbitral
Tribunal is expected on or around the close of summer 2025.
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 the Pink Markets of the OTC (OTC
PINK: 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 Twitter:
@zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
