Update on ICC Arbitration proceedings against ETAP

07 May 2024 08:00 CEST

May 7, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on ICC Arbitration proceedings against ETAP

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international
energy production and development company, is pleased to provide an update
regarding the ICC (International Chamber of Commerce) arbitration case seated in
Paris (France) against Entreprise Tunisienne d'Activités Pétrolières ("ETAP"),
the national oil company of the Republic of Tunisia (the "ICC Arbitration").

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 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 to pay for oil produced and sold by the claimant, a
wholly owned subsidiary of Zenith, named Ecumed Petroleum Zarzis Ltd ("EPZ"),
registered in Barbados.

On November 29, 2023, the Company announced that the Arbitral Tribunal of the
ICC Arbitration had rejected ETAP's request to include the Tunisian State as
co-defendant and ordered ETAP to pay approximately EUR 120,000 in costs to EPZ.

Update

The Company is pleased to announce that it has strengthened its legal team in
support of the ICC Arbitration by appointing Clay Arbitration, an independent
boutique law firm specialised in arbitrations founded by Professor Thomas Clay,
a renowned academic and lawyer, who is currently Professor at Sorbonne Law
School, where he teaches Arbitration Law and Alternative Dispute Resolution.

Professor Clay has participated in approximately one hundred arbitration
proceedings as chairman, sole arbitrator, and co-arbitrator, as well as counsel
in domestic and international arbitrations. He has also participated in ad hoc
and institutional arbitrations in the fields of energy, oil and gas, mining,
telecommunications, construction, distribution, commercial law, sports law,
labour law (ICC, ICSID, LCIA).





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
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 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

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