(Alliance News) - Zenith Energy Ltd on Wednesday hailed an International Chamber of Commerce appointed arbitral tribunal which rejected the Tunisian national oil company's request to include Tunisia as co-defendant in claims against it.
The Africa and Italy-focused oil and gas company said Entreprise Tunisienne d'Activites Petrolieres was also ordered to pay EUR120,000 in costs.
Zenith Energy said it will seek to enforce the decision with a view to receiving payment directly to the claimant Ecumed Petroleum Zarzis Ltd, a fully owned subsidiary of the company registered in Barbados.
In July, Zenith Energy announced that it had successfully obtained a "conservative seizure" for an amount equivalent to approximately USD6.5 million deposited in a bank account under the name of ETAP in Switzerland.
The conservative seizure was granted in view of ETAP's failure to comply with its contractual obligations and pay for oil produced and sold by EPZ, Zenith Energy said.
It added the ICC Arbitration began following the conservative seizure and was announced at the start of this month.
Shares in Zenith Energy were up 4.8% to 3.30 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Zenith Energy (ZEN)