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LONDON - Zenith Energy Ltd. (LSE:ZEN; OSE:ZENA) announced Monday that its UK subsidiaries have filed their final submissions in an ongoing international arbitration case against the Republic of Tunisia before the International Centre for Settlement of Investment Disputes (ICSID).
The company has appointed TWCOG LLP, a London and Singapore-based advisory firm, to work alongside its independent reserves evaluator, Chapman Hydrogen and Petroleum Engineering Ltd. Following a reappraisal, the claimed damages amount has increased from $503 million to $572.65 million.
The arbitration was initiated in June 2023 after Tunisia allegedly failed to comply with terms of the Investment Treaty BIT signed between the United Kingdom and Tunisia in 1989.
TWCOG’s founder, Anthony Way, has participated in more than 60 international oil and gas disputes and provided expert testimony in over 50 arbitration cases, including multiple ICSID claims concerning asset expropriation by states.
Zenith’s legal representation consists of Clay Arbitration and Charles Russell Speechlys (CRS), Paris. Clay Arbitration was founded by Professor Thomas Clay, who teaches Arbitration Law at the Sorbonne Law School. Simon Le Wita, a partner at CRS Paris, specializes in complex commercial disputes.
Final hearings for the arbitration are expected to take place in the second half of April 2026.
Zenith Energy describes itself as a revenue-generating independent energy company with assets in North Africa, the US, and Europe. According to the press release statement, the company is pursuing development opportunities through proven revenue-generating energy production assets and low-risk exploration activities.
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