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ICC Arbitral Tribunal Awards Costs

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Zenith Energy Ltd. (ZEN) is an international energy production and development company listed on the London Stock Exchange, Euronext Growth of the Oslo Stock Exchange, and the Venture Market of the OTCQB. The company has won an ICC Arbitration against Entreprise Tunisienne d'Activités Pétrolières (ETAP), ordering ETAP to pay approximately EUR 120,000 in costs. Zenith Energy will seek to enforce the decision to receive payment directly to its subsidiary, Ecumed Petroleum Zarzis Ltd (EPZ), registered in Barbados. This comes after Zenith successfully obtained a conservative seizure of approximately US$6.5 million from ETAP's bank account in Switzerland due to ETAP's failure to comply with contractual obligations and pay for oil produced and sold by EPZ.
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CALGARY, AB / ACCESSWIRE / November 29, 2023 / Zenith Energy Ltd. ("Zenith" or the "Company")(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 successfully obtained a "conservative seizure" for an amount equivalent to approximately US$6.5 milliondeposited 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

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 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.

SOURCE: Zenith Energy Ltd.



View source version on accesswire.com:
https://www.accesswire.com/811172/icc-arbitral-tribunal-awards-costs

FAQ

What is the ticker symbol for Zenith Energy Ltd.?

The ticker symbols for Zenith Energy Ltd. are LSE: ZEN, OSE: ZENA, and OTCQB: ZENAF.

What is the ICC Arbitration about?

The ICC Arbitration is about the claims launched against Entreprise Tunisienne d'Activités Pétrolières (ETAP) by Zenith Energy Ltd.

What did the ICC Arbitral Tribunal decide in favor of Zenith Energy Ltd.?

The ICC Arbitral Tribunal rejected ETAP's request to include the Tunisian State as co-defendant and ordered ETAP to pay approximately EUR 120,000 in costs.

What is the Conservative Seizure mentioned in the press release?

The Conservative Seizure refers to Zenith Energy's successful obtaining of approximately US$6.5 million from ETAP's bank account in Switzerland due to ETAP's failure to comply with contractual obligations.

What is the name of Zenith Energy Ltd.'s subsidiary involved in the claim?

The claim involves Zenith Energy Ltd.'s fully owned subsidiary, Ecumed Petroleum Zarzis Ltd (EPZ), registered in Barbados.

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