Final Hearings of ICC-2 Arbitration

03 Mar 2025 08:00 CET

March 3, 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 confirm that the final hearings of the ICC-2 Arbitration regarding
the Sidi El Kilani concession (“SLK Concession”) against the Republic of Tunisia
(“ICC-2 Arbitration”) have now been held.

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.
• 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.

Timeline for Publication of ICC-2 Award

The decision of the ICC Arbitral Tribunal is expected on or around the close of
summer 2025.


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

More information:
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