Zenith Energy files Tunisia arbitration claim, seeks USD573 million

(Alliance News) - Zenith Energy Ltd on Monday said its UK subsidiaries have filed final submissions in their arbitration claim against the Republic of Tunisia at the International Centre for Settlement of Investment Disputes in Washington.

The oil company with interests in Italy, Tunisia and the US said damages in the claim are now assessed at USD572.7 million, up from USD503 million previously.

The arbitration was launched in 2023 over alleged breaches of the 1989 bilateral investment treaty between the UK and Tunisia.

Zenith has appointed advisory firm TWCOG LLP to support the case, working alongside its reserves evaluator Chapman Hydrogen & Petroleum Engineering. TWCOG reappraised the claim value after reviewing damage quantification and additional alleged breaches.

Final hearings are expected in the second half of April 2026. Zenith is represented by Clay Arbitration and Charles Russell Speechlys in Paris.

Shares in Zenith were up 7.5% to 4.30 pence in London at midday on Monday. The stock remains down 33% so far in 2025.

By Eva Castanedo, Alliance News reporter

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