Update on Arbitrations against Republic of Tunisia

04 Jun 2024 10:10 CEST

June 4, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Arbitrations against Republic of Tunisia

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 ongoing ICC Arbitration for SLK against the Republic of Tunisia
("ICC 2 Arbitration") and the ICSID Arbitration against the Republic of Tunisia
("ICSID Arbitration").

Zenith Energy Africa Ltd. (“ZEAL”), Zenith Overseas Assets Ltd. (“ZOAL”) and
Compagnie du Désert Ltd. (“CDD”) have appointed Rahim Moloo and Robert Spano of
the law firm Gibson, Dunn & Crutcher LLP (“Gibson Dunn”) to act as counsel in
their claims against the Republic of Tunisia brought under the bilateral
investment treaty between the United Kingdom and Tunisia under the auspices of
the International Centre for Settlement of Investment Disputes for the ICSID
Arbitration.

Similarly, Canadian North Africa Oil and Gas Limited (“CNAOG”) has also
appointed Rahim Moloo and Robert Spano of Gibson Dunn to act as counsel in the
parallel arbitration proceedings brought against Tunisia under the auspices of
the ICC for the ICC 2 Arbitration.

Gibson Dunn has appeared in numerous high-stake arbitral proceedings before all
major arbitral institutions. Gibson Dunn’s international arbitration lawyers are
regularly ranked by legal publications.

Rahim Moloo is a partner and co-chair of the firm’s International Arbitration
Group. He has been recognized by Who’s Who Legal as “one of the most skilled
advocates of his generation” and a “Global Elite Thought Leader”.

Robert Spano is the former president of the European Court of Human Rights, the
youngest judge ever to be elected to the presidency in the Court’s history.

Andrea Cattaneo, Chief Executive Officer, commented:

“We are delighted to appoint Gibson Dunn, one of the world’s leading arbitration
specialists, as legal counsel in relation to the ICC 2 Arbitration and ICSID
Arbitration.

The Company will work closely with Rahim Moloo and Robert Spano with the
objective of redressing the very significant damages caused by the actions of
the Tunisian authorities to the detriment of Zenith and its shareholders.”


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 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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