Member Info for Spodulike

Let’s stick to facts in RNS’s not opinions here, because we don’t know anything.

At the end of the day we have just won arbitration case of $9m and growing, looking favourable for the next few arbitration cases totaling over $600m from people who know more than us. Settlement has been rumoured of $130-140m but was rejected. CEO is very confident, not a fan of settlement but a fan of execution. CEO will know how good the case from his legal team who would be in talks with the Tunisian one. They know more than us mere mortals on a forum.

Nobody knows how long it takes to reach the bank, could be next week, next month or we may already have it.

The longer they take to pay us the more interest they’ll have to pay.

Thanks this morning to all posters who have provided good explanations and research to some concerns that were brought up last night.

Good research Panman.

Very well put across smallcapinvest.

Also K3VMC, if settlement was agreed a lot earlier. We also have lots of other news to come, new projects etc.

‘Zenith's arbitrations against Tunisia are under review by the Arbitral Tribunal of the International Centre for Settlement of Investment Disputes. The company is claiming around USD639.5 million in damages.

The tribunal on Friday dismissed "in very severe terms" Tunisia's request for bifurcation. The court has reserved the settlement of other issues for future decisions, though it ordered Zenith and Tunisia to agree on and communicate, by January 20, a shorter timeline for proceedings.

Zenith expects closure of the second arbitration hearing in the first-quarter of 2025, and the final award decision in summer 2025.

Chief Executive Officer Andrea Cattaneo commented: "Following the recent favourable decision achieved in the ICC-1 Arbitration, it is apparent that there is a linear and effective pathway by which Zenith and its shareholders can be compensated."

Zenith in October blamed the Tunisian government for obstructing progress at the Sidi El Kilani and Ezzanaouia concessions, "to the material detriment" of shareholders.‘

Thank goodness for that. Bye, bye.

Unfortunately when sp rises, we attract certain characters. Part and parcel. Happy New Year and look forward to 2025.

Organisation Conseil Audit ("OCA"), an internationally recognised accountancy firm specialised in the provision of quantum analysis expertise in connection with arbitrations, to calculate a revised claim amount to be submitted as part of the ICSID Arbitration.

· Chapman Hydrogen and Petroleum Engineering Ltd. ("Chapman") a professional engineering and reserves evaluating firm based in Calgary, the epicenter of the energy industry in Canada, with more than 50 years of comprehensive experience in the oil and gas industry.

OCA and Chapman have determined a revised amount of US$503 million as the total claimed amount of the ICSID Arbitration, reflecting the damages sustained by the Investors (the "Claimed Amount").

‘The ICC-1 Arbitration was commenced following ETAP's failure to comply with its contractual obligations to pay for oil produced and sold by EPZ in Tunisia.’

From RNS

‘For background, the ICSID Arbitration was initiated by the Claimants in June 2023 following the Republic of Tunisia's failure to comply with the terms of the Investment Treaty BIT United Kingdom of Great Britain and Northern Ireland - Tunisia signed in 1989.

The amount claimed for the ICSID Arbitration, determined by a panel of international quantum experts appointed by the Company, is for a total principal amount of US$503 million.’

There are international laws in place, hence courts. It will be paid. Some deramping nonsense going on.

Only going one way. Happy New Year

Here they are. That’s why mms hold the price.

SV we all know what you are like. Just for once do some research before opening a one liner, you come across silly. In my opinion obviously. For once, just buy in with the money you get to be here, and make some money.

Late payment will be levied and also there will be no appeals. So it’s in Tunisia's interest to just pay up.

‘Final Decision - Award

The Arbitral Tribunal has ordered ETAP to pay a principal amount of US$6,139,539, reflecting a revision in the price of Brent crude oil used as a basis of calculation, approximately US$2,700,000 late payment interest levied up to the day of the ICC-1 Arbitration decision, US$395,000 as reimbursement for procedural costs associated with the ICC-1 Arbitration, and US$450,000 in legal costs for a total amount of approximately US$9.7 million.

Interests in connection with late payment will continue to be levied until full recovery of the Award is made.

The ICC-1 Arbitration award, in accordance with article 35.6 of the applicable ICC Rules, is final and may not be appealed by the parties. It is immediately enforceable and capable of being granted execution by any competent court.’