November 9, 2026
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Republic of Tunisia Fails to honour ICSID Arbitration Payment Obligations
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed
international energy production and development company, provides an update in
relation to the approximately US$573 million international arbitration being
pursued by Zenith's UK subsidiaries (the "Claimants") against the Republic of
Tunisia before the International Centre for Settlement of Investment Disputes
("ICSID") under the 1989 bilateral investment treaty between the United Kingdom
and Tunisia (the "ICSID Arbitration").
Following the Republic of Tunisia's persistent failure to meet its payment
obligations throughout the ICSID Arbitration, ICSID has again requested Tunisia
to pay its outstanding share of the ICSID Arbitration costs. This procedural
development reflects Tunisia's continued non-compliance with its financial
obligations and ICSID's efforts to ensure that such non-compliance does not
impede the continued progression of the ICSID Arbitration towards a final award.
Since the commencement of the ICSID Arbitration, the Republic of Tunisia has
failed to contribute towards any of the procedural costs ordinarily shared
equally between the parties, leaving the Claimants to bear these expenses. The
Company considers this persistent refusal to comply with established procedural
obligations to constitute a deliberate, bad-faith attempt to obstruct the
administration of justice and impede the Claimants' pursuit of their legitimate
treaty claims, rather than evidence of any inability by the Republic of Tunisia,
as a sovereign State, to meet its financial obligations.
This conduct is particularly surprising given Tunisia's continued representation
by Curtis, Mallet-Prevost, Colt & Mosle LLP, a leading international law firm
specialising in sovereign defence. The Company considers that Tunisia's
continued non-compliant conduct has once more raised serious questions regarding
its commitment to honouring its obligations under the bilateral investment
treaty between the United Kingdom and Tunisia, as well as its broader
obligations towards international investors.
The Claimants consider this conduct part of an ongoing pattern of procedural
abuse throughout the ICSID Arbitration.
The Company will provide further updates as appropriate.
- ENDS -
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 on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).
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
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For more information\, please visit: www.zenithenergy.ca\
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Twitter: @zenithenergyltd \