May 7, 2024
ZENITH
ENERGY LTD.
("Zenith" or the
"Company")
Update
on ICC Arbitration proceedings against
ETAP
Zenith Energy
Ltd. (LSE: ZEN; OSE: ZENA; OTCQB:
ZENAF), the listed international energy production and
development company, is pleased to provide an update regarding the
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 to pay for oil produced and sold by the claimant,
a wholly owned subsidiary of Zenith,
named Ecumed Petroleum Zarzis Ltd ("EPZ"), registered
in Barbados.
On November 29, 2023, the Company
announced that the Arbitral Tribunal of the ICC Arbitration had
rejected ETAP's request to include the
Tunisian State as co-defendant and ordered ETAP to pay
approximately EUR 120,000 in
costs to EPZ.
Update
The Company is pleased to announce
that it has strengthened its legal team in support of the ICC
Arbitration by appointing Clay Arbitration, an independent boutique
law firm specialised in arbitrations founded by Professor Thomas
Clay, a renowned academic and lawyer, who is currently Professor at
Sorbonne Law School, where he teaches Arbitration Law and
Alternative Dispute Resolution.
Professor Clay has participated in
approximately one hundred arbitration proceedings as chairman, sole
arbitrator, and co-arbitrator, as well as counsel in domestic and
international arbitrations. He has also participated in ad hoc and
institutional arbitrations in the fields of energy, oil and gas,
mining, telecommunications, construction, distribution, commercial
law, sports law, labour law (ICC, ICSID, LCIA).
Further Information:
|
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer
|
Tel: +1 (587) 315 1279
E: info@zenithenergy.ca
|
|
Allenby Capital Limited -
Financial Adviser
Nick Harriss
Daniel Dearden-Williams
|
Tel: + 44 (0) 203 328
5656
|
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 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
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb