Zenith Energy Ltd ICC Arbitral Tribunal awards costs (0722V)

TIDMZEN

RNS Number : 0722V

Zenith Energy Ltd

29 November 2023

November 29, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

ICC Arbitral Tribunal awards costs

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB : ZENAF ) , the listed international energy production and development company, is pleased to announce that the ICC (International Chamber of Commerce) appointed Arbitral Tribunal for the arbitration claims launched against Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the national oil company of the Republic of Tunisia (the "ICC Arbitration"), has rejected ETAP's request to include the Tunisian State as co-defendant and ordered ETAP to pay approximately EUR 120,000 in costs.

Zenith Energy will seek to enforce the decision with a view to receiving payment directly to the claimant, a fully owned subsidiary of the Company, named Ecumed Petroleum Zarzis Ltd ("EPZ"), registered in Barbados.

Background

On July 10, 2023, the Company announced that it had su ccessfully 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 and pay for oil produced and sold by EPZ.

The ICC Arbitration has been commenced by the Company following the Conservative Seizure and was announced on November 1, 2023.

Further Information:

 
Zenith Energy Ltd 
                                       Tel: [phone] 
 Andrea Cattaneo, Chief Executive      E: [e-mail] 
 Officer 
Allenby Capital Limited - Financial  Tel: + 44 (0) 203 328 5656 
 Adviser 
 
 Nick Harriss 
 
 Daniel Dearden-Williams 
 

Notes to Editors :

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa and Europe, including electricity generation in Italy. 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 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFEESUUEDSEDF

(END) Dow Jones Newswires

November 29, 2023 04:40 ET (09:40 GMT)