Alliance News19 Dec 2024 14:45
‘Zenith Energy Ltd - oil & gas company focused on assets in Africa and Italy - Swings to a pretax profit of CAD5.7 million, or GBP3.1 million, during the six months that ended September 30, from a loss of CAD9.1 million the year before. This is due to administrative expenses reducing to CAD277,000 from CAD8.1 million. Revenue falls 42% to CAD911,00 from CAD1.4 million, while production costs decrease 14% to CAD472,000 from CAD544,000. The firm also on Thursday was awarded USD9.7 million by the arbitral tribunal at the International Chamber of Commerce in Paris, as part of its arbitration against the national oil company of the Republic of Tunisia, Enterprise Tunisienne d'Activites Petrolieres. This was a result of ETAP's failure to comply with contractual obligations to pay for oil produced and sold by Zenith subsidiary Ecumed Petroleum Zaris Ltd. Zenith will undergo two further arbitrations in 2025, ICC-2 and ICSID, for claims of USD130 million and USD503 million respectively.‘