Final Submission of ICSID on the Merits

20 Sep 2025 10:10 CEST

September 20, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Final Submission of ICSID on the Merits

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed
international energy production and development company, is pleased to announce
that its fully owned UK subsidiaries, Zenith Energy Africa Ltd, Zenith Overseas
Assets Ltd and Compagnie du Désert Ltd (collectively the “Claimants”), have
filed their final submissions in respect of the ongoing international
arbitration against the Republic of Tunisia before the International Centre for
Settlement of Investment Disputes in Washington, an institution operating under
the auspices of the World Bank ("ICSID”).

Appointment of Expert

The Company is pleased to announce the appointment of TWCOG LLP (“TWCOG”), a
leading advisory firm with offices in London and Singapore. TWCOG was founded by
Mr. Anthony Way, who has participated in more than sixty international disputes
in the oil and gas industry and has provided expert testimony in over fifty
arbitration cases. His extensive experience includes involvement in multiple
ICSID claims concerning the expropriation of assets by States from oil and gas
companies.

TWGOG has worked closely with the Company’s independent reserves evaluator,
Chapman Hydrogen and Petroleum Engineering Ltd. ("Chapman"), a professional
engineering and reserves evaluating firm based in Calgary, the epicentre of the
energy industry in Canada, with more than 50 years of experience in the oil and
gas industry.

Quantification of Damages

TWGOG, having reviewed previous damage quantification, has reappraised the
claimed amount under the ICSID Arbitration, which as last announced on October
3, 2024, by the Company, was previously calculated in the amount of US$503
million.

A new total claimed amount, considering various additional breaches and
obstructions, has been assessed in the total amount of US$572.65 million.

Background
The ICSID Arbitration was initiated by the Claimants in June 2023 following the
Republic of Tunisia's failure to comply with the terms of the Investment Treaty
BIT United Kingdom of Great Britain and Northern Ireland - Tunisia signed in
1989.


The Company’s legal counsel is comprised by Clay Arbitration and Charles Russell
Speechlys (CRS), Paris.
Clay Arbitration

Clay Arbitration is a boutique law firm dedicated to arbitration, founded by
Professor Thomas Clay, a leading authority in the field. Professor Clay is a
full Professor of Private Law at the Sorbonne Law School (Université Paris 1
Panthéon-Sorbonne), where he teaches Arbitration Law and Alternative Dispute
Resolution. He has also served as interim President of Université Paris 1 and
created advanced degree programmes in arbitration and international trade.

Alongside his academic leadership in France, Professor Clay has held
international teaching positions, including serving as Visiting Professor at
Columbia Law School in New York. His expertise has also been recognised at the
governmental level: he has been appointed by the French government to various
roles, including service on commissions and expert groups addressing arbitration
and dispute resolution policy.
With more than two decades of experience, Professor Clay has acted as chair,
sole arbitrator, co-arbitrator, and counsel in a wide range of domestic and
international arbitrations. His work spans key sectors such as energy,
telecommunications, construction, banking, and commercial law, under leading
institutional rules including ICC, ICSID, and UNCITRAL.

In addition to his practice, Professor Clay is the author of several widely
cited works, including L’Arbitre and the Code de l’arbitrage commenté. He is
consistently recognised in international rankings such as Chambers and Legal 500
and is fluent in French, English, Spanish, and Italian, allowing him to conduct
proceedings across diverse jurisdictions.

Charles Russell Speechlys (CRS), Paris

Maître Simon Le Wita is a partner in the Litigation and Dispute Resolution team
at Charles Russell Speechlys in Paris. He has extensive experience in both
national and international litigation and arbitration, with a particular focus
on complex commercial, banking, and financial disputes.
Simon regularly represents corporations, financial institutions, and investment
funds in high-value proceedings before French courts and arbitral tribunals. His
arbitration practice spans institutional rules such as ICC, LCIA, and ICSID, as
well as ad hoc proceedings. He is recognised for his strategic approach to
cross-border disputes and his ability to manage proceedings involving multiple
jurisdictions.

Procedural Calendar

The final hearings for the ICSID Arbitration are expected to take place during
the second part of April 2026.



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 has
received conditional approval for listing on the Spotlight Stock Market in
Sweden.

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

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