Final hearings of ICC-2 Arbitration

20 Feb 2025 08:33 CET

February 20, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Final hearings of ICC-2 Arbitration

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC PINK:
ZENAF), the listed international energy production and development company, is
pleased to announce that the pre-hearing session of the ICC-2 Arbitration
regarding the Sidi El Kilani concession (“SLK Concession”) against the Republic
of Tunisia (“ICC-2 Arbitration”) has now been held, and to confirm that the
final hearings of the ICC-2 Arbitration will be held next week.

Background

Zenith's fully owned subsidiary, Canadian North Africa Oil and Gas Limited
("CNAOG") initiated the ICC-2 Arbitration against the Republic of Tunisia, as
announced in December 2023, following a series of arbitrary actions and
obstructions undertaken by the Republic of Tunisia, leading to the arbitrary
termination of the SLK concession.
Inter alia, these included:

• CNAOG's lost production revenue and associated profitability, during a period
of high energy prices, from the SLK Concession until its initial expiry in
December 2022.

• The volume of crude oil produced from the SLK Concession and allocated to and
received by CNAOG upon the completion of the acquisition.

• Unpaid invoices for oil production by ETAP, the national oil company of
Tunisia.

• The value of the 45% interest in the renewal of the SLK Concession,
representing a breach of CNAOG's right to renew its previously existing 22.5%
interest in SLK, as well as the 22.5% interest held by Kuwait Foreign Petroleum
Exploration Company, which relinquished its interest in the SLK Concession
before its initial expiry.
CNAOG has filed claims in the amount of approximately US$130 million following
calculations made by third-party experts.

Procedural Timeline

Following the pre-hearing session of the ICC-2 Arbitral Tribunal, the procedural
timeline has been finalised.
The final hearings of the ICC-2 Arbitration are scheduled to take place during
the week commencing February 24, 2025.

Andrea Cattaneo, Chief Executive Officer, commented:


“We are pleased that the final hearings of the ICC-2 Arbitration are to be held
during the course of next week.
Our primary objective remains to achieve legal redress for the very significant
damages caused to CNAOG.”

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 Pink
Markets of the OTC (OTC PINK: 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 included in this announcement is defined as inside information
pursuant to MAR article 7 and is publicly disclosed in accordance with MAR
article 17 and section 5 -12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person.

More information:
Access the news on Oslo Bors NewsWeb site

639240_20.02.2025 Norway.pdf