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ZENITH
ENERGY
NS Miscellaneous
ZENITH ENERGY LTD.
Released 07:00:06 26 December 2024
RNS Number : 4176R
Zenith Energy Ltd
27 December 2024
December 27, 2024
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC PINK: ZENAF),
energy production and development company, is pleased to announce that it has now rece
of the Arbitral Tribunal of the International Centre for Settlement of Investment Dispute
against the Republic of Tunisia held in Washington, D.C. (the "ICSID Arbitration") initiated
owned subsidiaries, Zenith Energy Africa Ltd. (British), Zenith Overseas Assets Ltd. (British
Ltd. (British) (collectively, "Claimants") against the Republic of Tunisia as Respondent (the
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Zenith's legal counsel in the ICSID Arbitration is Clay Arbitration and Charles Russell Spee
legal team that advised the Company in connection with the successful ICC-1 Arbitration.
This language of the ICSID Arbitration is French. The ICSID, in French language, is namec
pour le Réglement des Differents relatifs aux investissements ("CIRDI") and is registered ur
ICSID (CIRDI) cases are partially public and information updates can be visualised usin
webpage, using as reference Arb/23/18, link: https://icsid.worldbank.org/cases/cas
CaseNo=ARB/23/18).
On December 23, 2024, the ICSID Arbitral Tribunal issued a decision in connection with th
to address objections to jurisdiction as a preliminary question ("Bifurcation").
The Respondent's request for Bifurcation was fully rejected in very severe terms by the ICS
The Arbitral Tribunal's Decision has dismissed the Respondent's application in its entire
other matters, including those relating to costs, for a subsequent order, decision or award.
The Decision has also ordered the Claimants and Respondent to consult and agree o
timetable and to communicate this to the Tribunal no later than January 20, 2025.
For background, the ICSID Arbitration was initiated by the Claimants in June 2023 fol
Tunisia's failure to comply with the terms of the Investment Treaty BIT United Kingdo
Northern Ireland - Tunisia signed in 1989.
The amount claimed for the ICSID Arbitration, determined by a panel of international quar
by the Company, is for a total principal amount of US$503 million.
Andrea Cattaneo, Chief Executive of Zenith, commented:
"Progress in respect of our international legal arbitrations against the Republic of Tunisi
approximately US$639.5 million, continues without pause.
We are pleased by the fact that the decisions in respect of both the ICC-2 Arbitration, expe
of 2025, and the ICSID Arbitration, expected during the first two quarters of 2026, are r
future and are increasingly within sight.
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The Company will always seek to update investors to the extent it is permitted under ti
ICSID, as well as in full conformity with applicable stock exchange regulations.
Following the recent favourable decision achieved in the ICC-1 Arbitration, it is apparent ti
effective pathway by which Zenith and its shareholders can be compensated for the ve
suffered because of the arbitrary conduct of the Tunisian authorities.
We are particularly grateful to our very capable legal team, comprised by Profess
Arbitration) and Mr. Simon Le Wita (Charles Russell Speechlys CRS - Paris) who have
presenting the merit and validity of our position."
| Zenith Energy Ltd | |
| Andrea Cattaneo, Chief Executive Officer | Tel: +1 (587) 315 1279 |
| E: [email protected] | |
Zenith Energy Ltd. is a revenue generating, independent energy company with energy |
and development assets in North Africa, the US and Europe. The Company is listed on the
Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) a
the OTC (OTC PINK: ZENAF).
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Zenith's strategic focus is on pursuing development opportunities through the developm
generating energy production assets, as well as low-risk exploration activities in assets witł
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb
The information contained within this announcement is deemed by the Company to constitu
stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK d
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announc
Information Service ("RIS"), this inside information is now considered to be in the public domain.
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