Prenumeration
Zenith Energy Ltd. (“Zenith” or the “Company”) announced on Wednesday, July 16th 2025, the decision of the Arbitral Tribunal regarding the claims submitted by Zenith’s fully owned Canadian subsidiary, Canadian North African Oil & Gas (“CNAOG”), in relation to the Sidi El Kilani concession (“SLK Concession”), against the Tunisian national oil company, Entreprise Tunisienne d’Activités Pétrolières (“ETAP”), under the International Chamber of Commerce in Paris (“ICC-2 Arbitration”).
The Arbitral Tribunal has rejected all claims in the ICC-2 arbitration related to the Sidi El Kilani concession, representing a significant legal and financial setback for the Company. In response, Zenith intends to file an annulment application before the Swiss Federal Supreme Court, citing documented procedural irregularities during the arbitration process. If granted, this decision could permit a retrial before a new tribunal. Despite the adverse outcome, the ICSID arbitration, where Zenith is pursuing USD 503 million under the UK–Tunisia investment treaty, remains fully intact and now Zenith is expected to intensify legal and strategic focus on the ICSID proceedings. Final submissions are due in September 2025, with hearings scheduled for the second quarter of 2026. Zenith’s operational performance remains stable, supported by strong cash flows from its Italian power assets, which continue to sustain the Company’s legal strategy as it seeks material recovery through ICSID.
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