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Taken from Norway forums

Honestly, today’s RNS is exactly the kind of update I’ve been waiting for, because it finally shows how far Zenith has come and how close we are to a completely different valuation. The solar news isn’t some small side project anymore. We’re talking about a full 7 MWp portfolio in Puglia with the first 3 MWp already fully permitted and ready to build, and the other two right behind it. Everything is lined up so construction can kick off by June 2026, which is actually not far away at all when you look at how fast they’re moving. The fact the land needs minimal civil work and the grid conditions are unusually favourable for that area just makes the economics even better.

What really stands out to me is the financing. Zenith is already deep into negotiations with three banks and is expecting up to 90 percent of the construction costs to be financed through green lending. That alone shows how strong these projects are. Banks don’t line up like that unless the permits are solid and the economics make sense. And this means Zenith isn’t dumping a load of dilution on the market to build these plants. They’re effectively leveraging the assets to fund themselves, keeping the equity protected, which is exactly what you want from a management team in this position.

The CEO’s comments about these being the company’s first renewable revenues should not be understated. Once the first plant starts generating income, everything changes because it proves the whole model works. From there they can build selectively, sell strategically, and keep expanding the pipeline in a way that compounds very quickly. When you combine that with what’s still coming from the ICSID direction next year, you can see why I think the current share price won’t reflect the company’s actual position for much longer. We aren’t talking about slow organic growth. We’re talking about a company positioning itself for exponential expansion in a sector where banks are actively throwing money at anything with solid permits and grid access.

Zenith has had plenty of challenges along the way, but this is the kind of update that shows the strategy was always bigger than people assumed. Revenue generation on the renewables side is now in sight. Financing is falling into place. The development pipeline in Italy is clearly much deeper than most realise. And with the arbitration still hanging out there as a potential major catalyst in 2026, it feels like everything is finally lining up in Zenith’s favour at the same time.

If the market hasn’t priced this properly yet, it will. And when it does, I don’t think anyone will be talking about the levels we’re sitting at today.

Taken from the Ajax forum might be a shell that spins some zenith uranium asset in to

Today’s announcement from Zenith Energy that it has applied for exploration permits for the Val Vedello and Novazza uranium deposits in northern Italy immediately draws attention not only for its scale but also for its connection to Ajax Resources and its CEO, Ippolito Cattaneo. These deposits, which together are estimated to contain over a billion dollars’ worth of in-situ uranium resources, were first conceived and initiated by Cattaneo himself. He will now serve as a director of the Italian vehicle established to manage and develop these assets.

This is far more than a routine exploration story. The two sites, both historic underground mines with extensive existing tunnels and infrastructure, give any new operator a major head start toward production. The combined historical estimates suggest roughly a thousand tonnes of metallic uranium at Novazza and around six thousand tonnes of U₃O₈ at Val Vedello—figures that underline just how valuable these projects could become as uranium prices continue to rise.

For Ajax Resources, this development is directly relevant. With Ippolito Cattaneo at the centre of these uranium applications, Ajax finds itself led by someone who is already structuring billion-dollar-scale resource plays. It highlights exactly the type of asset flow and dealmaking capability that could one day be directed into Ajax. Given Ajax’s strategy of acquiring and developing advanced projects with existing infrastructure and significant exploration potential, these Italian deposits fit perfectly within its mandate.

What makes this even more interesting is the long-term potential. As these mines move closer toward re-establishing production, there is a clear possibility that they could eventually be spun out or partially injected into Ajax, giving the company exposure to a major uranium development without the need to build it from scratch. That kind of strategic crossover is exactly what sets strong leadership apart in this sector—transforming early concepts into billion-dollar opportunities.

Of course, there are still steps to go. The resource estimates predate modern reporting standards, and environmental and permitting approvals must be completed. Yet the acceptance of both exploration permit applications by the Lombardy authorities is already a strong sign of progress.

Today’s news underscores what many close to the market have already observed: Ippolito Cattaneo is emerging as a highly capable dealmaker, able to originate and execute large-scale projects that combine geological substance with financial acumen. If he can replicate the same formula within Ajax, the company could soon find itself holding or developing assets of extraordinary value. The Italian uranium projects demonstrate the scale and ambition of his approach—and hint at just how transformative that pipeline could become for Ajax Resources.

Seems like trouble brewing in ETAP and Tunisia taken from @mohammedammarT x account

https://www.facebook.com/share/v/1D4h3eNy9p/

https://www.facebook.com/share/v/19T9Qkq1Le/?mibextid=wwXIfr

https://www.facebook.com/share/v/16qm4K6VRF/?mibextid=wwXIfr

Translated using translator

The Ministry, ETAP, and corrupt lawyers. I attended these meetings myself — licenses are sold through bribes, engineers are punished because they’re honest, and lawyers serve both Tunisia and the thieves at the same time. The Ministry of Industry has become a revolving door for traitors. Either we clean up this filth now — or we lose our country’s oil forever.

I served in this sector long enough to recognize corruption when I see it. ETAP was supposed to serve Tunisia, not foreigners and thieves. The presidency halted the audits, the prosecution turned a blind eye, and twenty-two billion dinars vanished to “save” the criminals. Enough silence. We need an audit of everything.

We have one thousand two hundred and sixty-five wells in operation, and we had fifty-five legal licenses. And the rest? Where does the oil go? To foreign hands, our officials gave it to them. ETAP erased its data to hide the theft, and the president is still asleep. I’m furious — this is Tunisia’s wealth, not their personal inheritance

Taken from FS nice overview

The latest update from Zenith Energy marks another steady step in what has become a quietly impressive shift in direction. In less than a year, the company has evolved from a smaller oil producer with arbitration exposure into a credible participant in renewable energy development, now holding close to 100 MWp in its solar portfolio. That level of growth is beginning to look meaningful, especially considering the consistent pace of progress and the focused expansion within Italy, where Zenith has built an effective cluster model around its assets.

The two new acquisitions, the 18 MWp agrivoltaic project in Piedmont and the 4 MWp photovoltaic and battery-ready site in Puglia, fit neatly into that strategy. Both benefit from good terrain and local integration, while the staged payment structure helps limit initial financial outlay. The inclusion of a battery energy storage system in Puglia is particularly interesting, as it allows Zenith to take advantage of variations in Italian electricity pricing through stored energy resale during peak hours. This combination of solar generation and storage reflects a natural step forward for the company’s renewable ambitions.

It is also worth noting that the Lazio project announced in August has now been optimised from 5 MWp to 7 MWp. These incremental improvements across different developments gradually add up to meaningful portfolio value. With 98.5 MWp now under development, Zenith’s pipeline sits at a scale that tends to attract industry attention. The decision to sell only a portion of the portfolio makes sense. It enables profit realisation and liquidity improvement while preserving the company’s ability to continue building out its asset base.

The plan to commission an independent valuation of the solar portfolio is a logical and transparent move.

For investors, the underlying worth of solar projects can be hard to measure until they reach construction readiness. A formal third-party valuation will help illustrate what has actually been achieved since early 2025 and may highlight the gap between the current market price and the realisable value of the assets.

Taken together with the ongoing ICSID arbitration, the company’s position looks increasingly interesting. Zenith is simultaneously advancing a tangible renewable energy business and maintaining exposure to a potential arbitration outcome that could be transformative for its financial position. Even without considering that potential, the solar portfolio alone provides solid underlying value relative to the current share price.

Zenith’s progress this year has been pragmatic and consistent. Each project adds substance rather than noise, and the strategic focus on agrivoltaic and battery-backed assets aligns neatly with broader European energy trends. This most recent update strengthens the impression of a company gradually building real value beneath the surface, even if the market has yet to

Botham I don’t believe the CEO of Ajax is actually on the Zenith payroll, but I did take a closer look at Ajax Resources and agree it looks like it has massive potential. The La Norteña setup you mentioned sounds particularly interesting low-cost, alluvial gold operations like that can generate serious early-stage cash flow if executed properly. Definitely one to keep an eye on I think they’re due JORC soon?

Also good to see zenith progressing nicely with solar with todays news.

The arbitral tribunal has issued a procedural order in favor of Orano Mining, in ICSID Case ARB/25/8 against the State of Niger. By this decision, the tribunal upheld Orano Mining’s request and called upon the State of Niger not to sell, assign, or transfer the uranium produced by SOMAÏR and retained on site, in violation of Orano's rights.

Clay Arbitration represents Orano Mining in the four arbitral proceedings initiated against the State of Niger concerning its interests in the Imouraren, Somair, and Cominak uranium mines.

Prof. Thomas Clay and Taha Zahedi Vafa say: “We welcome the decision of the arbitral tribunal, which acknowledges the legitimacy and seriousness of our client’s claims and orders the state to refrain from any transfer of the uranium unlawfully retained at the Somaïr site. This decision sends a clear warning to any third party considering appropriating this material in violation of our client’s rights. If necessary, we will not hesitate to initiate all appropriate legal actions against such parties to assert and protect the rights of Orano Mining.”

Which legal arguments do you believe strengthen your case?

I cannot go into detail, as confidentiality is critical to our strategy. But one thing is certain: we have been subjected to both irregularities and possible illegalities. Our track record shows that we are persistent, and we do not give up.

How has the dispute affected the company’s strategy in recent months?

The biggest effect has been on our share price, which has been hit hard—but at the same time that presents a major opportunity for new investors. The business itself has not been harmed.

That a three‑year process ends with a decision offering only six pages of reasoning is not taken seriously in the industry. Many refer to it as a “bizarre ruling.” We view this as a misstep by the arbitrators, and we maintain that we had a strong case.

It is also worth noting that we previously won ICC‑1, in which Tunisia (through the national oil company ETAP) was ordered to pay us USD 9.7 million. That makes the ICC‑2 outcome even more incomprehensible.

Fortunately, ICC‑2 does not compromise our much larger case under ICSID. That case is based on a bilateral investment treaty between the United Kingdom and Tunisia, and is legally distinct from the contract‑based ICC cases. ICSID awards are also globally enforceable under international conventions, which gives us great comfort.

What do you see as the most realistic outcomes, and how would they affect Zenith and its investors?

The most likely outcome is that we win the ICSID case. If, in addition, we succeed in annulling ICC‑2, that will open the door to a new round (ICC‑2). That would then be a pure bonus on top of any ICSID win.

And if you succeed—what concrete benefits would that give the company?

Several research houses have estimated that our share price could move between NOK 5 and 12 in a victory scenario, but we must update the calculations after we recently raised the ICSID claim to USD 572.65 million, Cattaneo concludes.

The market for solar parks in Italy is competitive. How do you assess the competitive landscape—both in terms of access to land and potential buyers?

Yes, the market is highly competitive. That is why control over a good scouting apparatus is absolutely crucial to find new opportunities. But we do not prospect randomly—we know exactly which areas we want to focus on, and therefore we stick to the three clusters mentioned.

Project size is also important. Too small and projects can be unsellable; too large and they can take far too long to realize. We have found an optimal level of around 10 MWp per project, but always grouped into clusters that can be sold in packages of 20–60 MWp. That is more attractive to larger buyers.

Are you already in dialogue with potential industrial or financial counterparties who might be interested in the projects when they are ready for the next phase?

Yes, we are actively building our network. Many investors in Italian solar power are based in Northern Europe. With our presence in Sweden and Norway, we are well positioned to work with them, whether it involves selling projects, joint ventures, or long‑term power purchase agreements.

ICC‑2 and Conflicts of Interest

Can you explain in more detail the basis for your claim of a conflict of interest in the ICC‑2 case?

From the outset of the ICC‑2 process, our legal team uncovered serious procedural violations and notified the ICC. Nevertheless, an arbitral award came down that surprised everyone—only six pages of reasoning after more than two years of proceedings. That immediately raised red flags.

It became even more serious when we later discovered undocumented links between the arbitrators and the Tunisian state. Such relationships, which were not disclosed to us or to the ICC, represent a potential conflict of interest and undermine the neutrality of the process.

We have therefore not accepted the result, but have filed an annulment application with the Swiss Federal Supreme Court in Lausanne on September 15, 2025. Such cases are normally decided within 6–9 months, so we expect a decision in spring 2026. If we succeed, the case may be reheard by a new, independent arbitral tribunal.

This is a dynamic system. As more projects reach RTB, we have to make new decisions continuously. The cluster thinking also plays a role: in some cases it can be far more profitable to sell several nearby projects together than to sell them individually.

Ultimately it comes down to financing—can we fund the construction, and later: can we retain the project in the portfolio? Nothing is final, because even a completed park can be sold later, often at a higher price if market conditions are favorable.

Right now, we have a pipeline of 64.5 MWp spread across three clusters in Piedmont, Lazio, and Puglia. This gives us a portfolio with high value by virtue of its concentration. Many other players in Italy have projects scattered across the country without this effect.

Let’s talk timelines and costs. How long and how much does it take to get a project through the initial permitting phase?

We rarely pay the full purchase price for a project upfront. Payments are often tied to milestones such as obtaining the necessary permits and reaching RTB status.

An example: in Puglia we recently bought a project of around 6 MW. The price was €750,000 including the land, but the payment is conditional on the project reaching RTB. This gives us protection—if the project does not obtain permits, we do not lose large sums.

In general, our approach is disciplined and stepwise. All projects are to reach RTB within 18 months after the land purchase. This way we avoid over‑leveraging, which we have seen several competitors do.

Https://investornytt.no/intervju-med-andrea-cattaneo-oker-kravet-betydelig/

Interview with Andrea Cattaneo – Significantly Increases the Claim

by Espen Teigland | September 21, 2025 | News | Reading time: 6 minutes

Defiant optimist: Zenith Energy CEO Andrea Cattaneo. Photo: Marius Prestøy, Investornytt.

Over the weekend, the announcement came that Zenith Energy is raising its claim from just over $500 million to nearly $600 million. The company’s management has also lodged a complaint about the ICC‑2 process due to serious undisclosed ties between the presiding arbitrator and the Tunisian authorities. We also asked Cattaneo how he plans to finance the solar parks.

Solar Parks

What are the most important criteria you look for when evaluating countries and projects for acquisition?

Our strategy is to build a strong portfolio of solar projects in Italy—projects that can create value for the company and help lift our share price. Generating energy from sunlight may sound simple, but in practice the road to completed projects is full of pitfalls. As a new player, we have been careful to seek advice from veterans in the industry.

We started in Italy because we know the country well—we have generated power there for over 11 years. Developing solar parks is in many ways similar to real estate development, and the mantra “location, location, location” applies here as well. Italy has 20 regions and nearly 8,000 municipalities, so you have to be very targeted. In addition, solar irradiance varies dramatically from north to south—Sicily gets much more sun than Milan—yet electricity consumption is highest in the north. So we have to find compromises.

Two keywords therefore drive everything we do: “permitting”—the process of obtaining a license to build the solar park—and “connectivity,” i.e., the ability to connect to the grid via Enel. We are now focusing on three regions:

• Piedmont, with an agile permitting process and high industrial demand.

• Lazio, around Rome, with strong demand and robust grid connection.

• Puglia, in the south, with high solar irradiance and a credible track record on both permits and grid connection.

We also use a cluster approach—we group projects geographically to realize economies of scale and make the portfolio more attractive to future buyers. When we assess acquisitions, we are very strict. We conduct thorough due diligence and often discard projects that do not meet our criteria, Cattaneo explains.

You are building a “pipeline” of projects. How do you balance the risk between developing the projects yourselves and selling them after the initial permitting phase?

We think of the portfolio as a continuous pipeline. When a project reaches ready‑to‑build (RTB) status, we have to consider: do we sell it for an early gain, or do we build it ourselves and put the park into production? And if we bring it online, do we then keep it or sell it after a few years?

$600m #ZEN

https://x.com/ladyofaim/status/1968203293446091251?s=46

Taken from FS by LondonOiler

Zenith’s announcement this morning is more significant than it first appears and highlights the underlying strength of the ICC-2 case. The annulment application filed at the Swiss Federal Court directly challenges an award that dismissed $130m of claims in just six pages after more than two years of proceedings. That brevity alone raises questions, and Zenith’s legal counsel has now gone further by documenting serious procedural irregularities and uncovering undisclosed connections between tribunal members and the Tunisian state. These are not minor technicalities but failings that strike at the core of arbitration integrity, giving real substance to the annulment application.

The Swiss Federal Court only accepts annulment applications in very specific circumstances, yet this case appears to meet several of them. Zenith has engaged leading international arbitration specialists, including Professor Thomas Clay and senior partners at Charles Russell Speechlys in Geneva and Paris, which underlines the confidence and seriousness of this move. These are top-tier legal figures with track records in high-profile disputes, and the court’s six to nine month timeframe for a decision means clarity could arrive well before the ICSID outcome.

What makes this compelling is Zenith’s consistency in defending its Tunisian position. ICC-1 already confirmed the strength of its legal and contractual rights, and management has maintained confidence in the merits of CNAOG’s claims throughout. ICC-2 was an outlier both in its outcome and its limited reasoning, and the discovery of conflicts of interest reinforces that point. If annulment is granted, the $130m claim is reinstated and Zenith’s position is strengthened further, while also reaffirming the robustness of its overall legal case.

This RNS shows a company focused on both detail and strategy. By refusing to accept a flawed process and pursuing annulment on solid grounds, Zenith is demonstrating to shareholders that it has the evidence, the expertise, and the determination to defend value at the highest level. Far from being a setback, ICC-2 is now shaping up as an opportunity to reinforce the strength of Zenith’s claims and its credibility on the international stage. If ICC-2 is annulled, it is highly likely the ICSID tribunal will take note of these irregularities, ensuring such issues do not undermine the $500m case, and a win hugely in our favour.

Https://www.investegate.co.uk/announcement/rns/zenith-energy-ltd-com-shs-npv-di---zen/submission-of-icc-2-annulment-application/9106959

I remind you that in December 2024 the share price was only NOK 0.2, and then it rose sharply when the market realized our potential. I believe today’s price offers a similar return opportunity as then. But with one big difference – in December 2024 the ICSID decision was far away, and we had no solar division. Today ICSID is closer, and the solar portfolio has been built up in 2025.

Thus even those who bought at the top this year will be in profit in 2026, and those who buy now will get very high returns.”

We have also engaged a financial advisor with expertise in the Italian solar industry to prepare revenue forecasts for a 55 MWp portfolio. The forecast assumes a distribution of 40 MWp in Northern Italy and 15 MWp in Southern and Central Italy, based on EEX power futures for 2026–2035. The report estimates annual production of 97,795 MWh, with average revenues of about €9 million per year for 2026–2031, and around €8 million annually thereafter. Over the first ten years of operation this amounts to about €85.5 million in gross revenues, with a total expected lifespan of around 25 years,” says Cattaneo.

“Electricity fascinates me personally enormously. As a leading partner in a major commodity company said 15 days ago: oil can go from USD 60–90, but electricity can go from €1 to €250 in the same day. That creates enormous profitability opportunities when we add storage technologies – but that is the future. For now, we must first get solar production in place.”

The Big Question – How Do You Finance This?

“The ambition of net zero is very strong in Europe now, and therefore there is a very positive attitude towards providing debt financing to companies operating in this area. We are already in negotiations with several parties to secure new debt for our solar expansion.

It is also important to remember that we can create value at all stages of solar development. We are strong in permits, and with solar parks – just like with real estate – having a permit is decisive. Without a permit, land is worth little. With a permit to build a solar park, it is worth much more. When the park is finished and connected to the grid, the value is even higher. So at every stage of development we add value, and we can sell part or all further on at a profit if we believe it is in the company’s interest.”

Another solution, of course, is that we develop the demanding paperwork and regulatory side and then sell our rights at triple the price. There are many good opportunities now.

Furthermore, the deals we have made have been very favorable and we are very satisfied. When others are poor and have to sell – that’s when we buy and use our influence to take the project one step further,” Cattaneo explains.

So where do you think the share price will be in a few months?

“Zenith is still worth USD 50 million based on our assets. We still have the USD 503 million ICSID claim, and at the same time we are building up a portfolio of income-generating solar projects so that we are not dependent only on the arbitrations.

Today’s share price does not reflect the company’s position – it reflects only the market’s overreaction to the ICC2 loss. We still have the ICSID case, which we are very confident of winning, and we are also building a solid revenue stream from solar projects, independent of the arbitration.

Without ICSID and without the solar projects, fair value would be NOK 1. With both factors, fair value should b

Shareholders must also remember that we are rapidly building up a significant solar portfolio in Italy, supported by the government, investment banks, and major energy companies. Once operational, this will generate tens of millions of euros in annual revenues, and will only grow further.

In short: today’s share price does not reflect the real value of Zenith, and it will be adjusted.”

Spending Money on Communication

You have spent some money on both Investornytt and other smaller media outlets to remain visible – what do you think about that?

“For us, visibility is extremely important. Our shareholders are important, and I like to reach out to them to explain what we are doing and what we aim to achieve.

It is in both the company’s and investors’ interest that Zenith’s stock is actively traded. That means investors can easily buy and sell when they want. The more investors involved, the better the liquidity – to the benefit of both buyers and sellers.

As people know, we issue many press releases, where we inform quickly and thoroughly about developments. I do these interviews to keep shareholders updated on what is happening, and what may happen going forward. We are not one of those companies that keeps shareholders in the dark, and I will continue with this through the autumn and winter.”

Guiding Boldly – Holding Rights to Over 50 Megawatts

“We are very pleased with the acquisitions, which represent our largest solar deal so far. In just six months, our team, together with legal and technical advisors, has built a diversified pipeline of future projects of more than 58 MWp. This lays the foundation for long-term revenue generation and profitability. Zenith now has a significantly expanded and diversified portfolio of solar projects spanning operational, ready-to-build, and development stages.

We started the year with a goal of acquiring 20 MW. Now we are at 58 MW – nearly three times the target – and I am confident we can reach 100 MW by year-end. This shows how good we are at finding valuable deals and assets, something we have historically always been strong at.

Of course, this has nothing to do with our arbitration – but as I said, I have an interest in fair play.”

But seriously – is it wise to ‘hype’ your own company like this when you don’t know the outcome?

“I disagree with the use of the word ‘hype’. I have never hyped the company, but I have always informed investors about what the company is doing and what my opinions are. Had I known we would lose the case, we would not have gone to arbitration in the first place. The facts are simple: if we had fully won ICC2, the company would ultimately have received USD 130 million. Our case was very strong, and I have previously said that in my view the loss was not due to the case itself, but rather conflicts of interest within the arbitration.

We have a third arbitration coming, this time for USD 503 million, at ICSID (not ICC). I strongly believe we will win this case. As is well known, ICSID is the world’s leading institution for international dispute resolution, established by the World Bank. We expect that this time we will get a fair process.”

So what are the drivers now?

“The stock market is the world’s most efficient mechanism for valuing companies in the long term. That’s why people always say the market never gets it wrong. But the market has one weakness, and that is that in the short term it tends to overreact to news and can behave irrationally.

Take Zenith as an example – the actual value of today’s operations, excluding the solar projects, is about USD 50 million. Before the ICC2 case, the company had a market cap of about USD 110 million. At that time, we had arbitration claims worth USD 630 million outstanding, and the market reasonably reflected about 10% of that potential in the share price, which was then about NOK 2.

But then we lose the second arbitration, and the share price falls from NOK 2 to NOK 0.45, with a market value of about USD 21 million. The market is therefore now valuing Zenith at less than half the value of its operations alone, and at zero probability of winning ICSID.

Today’s share price clearly does not give a true picture of either Zenith’s current value or our outlook. In the long term the market is right, but in the short term it can behave irrationally.

A rational assessment would have been that we lost ICC2 (temporarily, since we are very confident of annulment), and that we then went from USD 630 million in potential awards to USD 500 million. The value should then have been around USD 100 million.

The difference in valuation is purely sentiment. The market assumes that because we lost ICC2, we will also lose ICSID – which is not true.

I know this is no comfort to investors right now, but the share price is in a deviation situation, and it will recover. I have full confidence in our case against Tunisia, and I believe ICC2 will be annulled, as well as that we will win ICSID.

CEO Predicts 600% Rise in His Own Company!

Almost a year ago, we interviewed Andrea Cattaneo about Zenith Energy. At that time, he claimed there was potential for a 3000% rise. The share price then climbed over 900%, from NOK 0.25 to NOK 2.50, on extremely high volume in the following months. Now the CEO of the listed company believes the time has come to accumulate shares again.

“We are a company with a completely different focus now than a year ago,” he says. “During September, the company will complete the final submission of its main ICSID claim in Washington, USA, worth more than NOK 5 billion,” Andrea Cattaneo explains to Investornytt over the phone. “We are also building a significant portfolio of solar energy projects in Italy, and have already acquired 58.5 MW. The company therefore has two main growth engines, and neither is reflected in today’s share price.”

At the end of July, ICC-2 announced that Zenith Energy’s claim of more than NOK 1 billion was dismissed in its entirety. The share price plunged from NOK 2.40 to NOK 0.70, and then further below NOK 0.50. Today, the company has a market value of just over NOK 200 million.

You were right last time with your prediction – but do you take any self-criticism for the confident communication before, when you were sure you would win the first arbitration case?

“We won the first arbitration case. That was the catalyst for the share price rise at the start of 2025. The case we lost was the second arbitration, ICC2 – and I still believe we should have won that one. Of course, anyone who loses a court case will say ‘I should have won’ – but we are now in the process of seeking annulment of this decision, and I am very comfortable that we can succeed. To be clear: this is not a general appeal where the court will review all the facts and substance of the case again.

We are seeking annulment on specific grounds, concerning how the arbitration was conducted and the lack of fair treatment, given the numerous procedural irregularities that CNAOG had to endure under the abnormal ICC2 process,” says Cattaneo.

“The outcome came as a shock both to us in the company – and to our lawyers, who had given us clear advice about our chances. We will communicate immediately once we have a result on the enforcement of the first arbitration award,” adds Cattaneo.

He draws a parallel: “I am an occasional sports fan. A few years ago in boxing, medals were handed out, but later it turned out the competition had not been fair – winners had been decided by judges before the fights, and those judges were later dismissed.

Very good news we will be earning money from Solar as well as a huge pay out from ICSID

Taken from FS

Zenith intends to file an annulment application before the Swiss Federal Supreme Court, citing documented procedural irregularities during the arbitration process. If granted, this decision could permit a retrial before a new tribunal. Despite the adverse outcome, the ICSID arbitration, where Zenith is pursuing USD 503 million under the UK–Tunisia investment treaty, remains fully intact and now Zenith is expected to intensify legal and strategic focus on the ICSID proceedings. Final submissions are due in September 2025, with hearings scheduled for the second quarter of 2026. Zenith’s operational performance remains stable, supported by strong cash flows from its Italian power assets, which continue to sustain the Company’s legal strategy as it seeks material recovery through ICSID.