WASHINGTON D.C. - In a significant legal development, Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTC PINK: ZENAF) announced that the International Centre for Settlement of Investment Disputes (ICSID) has rejected a request for bifurcation by the Republic of Tunisia in an ongoing arbitration case. The tribunal's decision, issued on Monday, dismissed Tunisia's application in its entirety and has set the stage for a potentially expedited procedural timetable, to be agreed upon by January 20, 2025.
Zenith, an international energy production and development company, initiated the ICSID arbitration in June 2023 after alleging that Tunisia failed to comply with the terms of a 1989 investment treaty between the United Kingdom (TADAWUL:4280) and Tunisia. The claim, evaluated by international quantum experts, amounts to a principal sum of US$503 million.
The company's CEO, Andrea Cattaneo, expressed satisfaction with the tribunal's decision, noting that it follows a favorable outcome in a previous ICC-1 Arbitration and suggests a consistent path towards compensation for damages claimed to have been caused by Tunisian authorities' actions.
This legal victory is part of Zenith's broader strategy of pursuing development opportunities in energy production assets and low-risk exploration activities. The final court hearing for another related arbitration, ICC-2, is scheduled for the end of February 2025, with a decision expected in the summer of that year.
Zenith Energy's legal representation in the ICSID Arbitration is provided by Clay Arbitration and Charles Russell Speechlys in Paris, which also advised on the successful ICC-1 Arbitration.
The company has stated its commitment to keeping investors informed within the bounds of ICC and ICSID regulations and applicable stock exchange rules. This announcement is based on a press release statement and is intended to provide factual information regarding the ongoing legal proceedings involving Zenith Energy.
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