February 20, 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 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.
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.
·
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:
|
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
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.
