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LONDON - Zenith Energy Ltd. (LSE:ZEN; OSE:ZENA; OTC PINK:ZENAF) announced Wednesday that an arbitral tribunal has rejected all claims presented by its subsidiary Canadian North Africa Oil (OTC:AOIFF) and Gas Limited (CNAOG) against the Republic of Tunisia regarding the Sidi El Kilani concession.
The company initiated the arbitration proceedings in December 2023 following what it described as "arbitrary actions and obstructions" by Tunisian authorities that led to the termination of the concession. CNAOG had sought approximately $130 million in compensation.
Following the decision, Zenith stated it will file an application for annulment of the award before the Swiss Federal Supreme Court in Lausanne, citing "several serious procedural irregularities" identified by its legal counsel during the proceedings. According to the company, decisions on such applications are typically rendered within six to nine months.
Andrea Cattaneo, Chief Executive Officer of Zenith, expressed strong disagreement with the tribunal’s decision, stating the company remains "fully confident in the strength of its case."
The arbitration case, known as ICC-2, is separate from an ongoing ICSID arbitration where Zenith is pursuing a $503 million claim against Tunisia. The company is also working to enforce a previous arbitration award (ICC-1) of approximately $10 million.
Zenith Energy is an international energy production and development company with operations across multiple markets. The information was disclosed in a company press release statement.
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