focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksZenith Energy Regulatory News (ZEN)

Share Price Information for Zenith Energy (ZEN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1.95
Bid: 1.80
Ask: 2.10
Change: 0.00 (0.00%)
Spread: 0.30 (16.667%)
Open: 1.95
High: 1.95
Low: 1.95
Prev. Close: 1.95
ZEN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

ICC Arbitration proceedings against ETAP

1 Nov 2023 09:15

RNS Number : 0305S
Zenith Energy Ltd
01 November 2023
 

 

November 1, 2023

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

ICC Arbitration proceedings against ETAP

 

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, announces that it has initiated an ICC (International Chamber of Commerce) arbitration case seated in Paris, France against Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the national oil company of the Republic of Tunisia (the "ICC Arbitration").

 

Background

 

On July 10, 2023, the Company announced that it had successfully obtained a "conservative seizure" for an amount equivalent to approximately US$6.5 million deposited in a bank account under the name of ETAP in Switzerland (the "Conservative Seizure").

 

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 one of the Company's subsidiaries.

 

The ICC Arbitration has been commenced by the Company following the Conservative Seizure.

 

ICSID Arbitration

 

Zenith had first announced the submission of a request for arbitration against the Republic of Tunisia before the International Centre for Settlement of Investment Disputes in Washington DC ("ICSID Arbitration") on June 7, 2023.

 

The request for damages in the ICSID Arbitration, following various breaches of bilateral trades agreements made by the Republic of Tunisia to the detriment of Zenith and its subsidiaries, is for a total cumulative claimed amount of at least US$48 million.

 

The ICSID Arbitration and the ICC Arbitration are two separate arbitration proceedings.

Andrea Cattaneo, Chief Executive Officer, commented:

"It is deeply regrettable that Zenith Energy has been compelled to initiate a second arbitration and conduct conservative seizures against ETAP following failures to satisfy contractually binding payments for oil production.

Shareholders can take comfort in the decisive action the Board has taken to ensure that Zenith's interests are upheld."

 

  

 

Further Information:

 

 

Zenith Energy Ltd Andrea Cattaneo, Chief Executive Officer

 

Tel: +1 (587) 315 1279

E: info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser Nick Harriss

 

Daniel Dearden-Williams

Tel: + 44 (0) 203 328 5656

 

Notes to Editors:           

                   

Zenith Energy Ltd. is a revenue generating, independent energy company with production, exploration and development assets in North Africa and Europe, including electricity generation in Italy. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF).

 

Zenith's strategic focus is on pursuing development opportunities through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production.

 

For more information, please visit: www.zenithenergy.ca

Twitter: @zenithenergyltd

LinkedIn: https://bit.ly/3A5PRJb

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCUPGAUGUPWUBG
Date   Source Headline
7th May 20247:00 amRNSUpdate on ICC Arbitration proceedings against ETAP
22nd Apr 20241:25 pmRNSNew Bond Exchange Offer
17th Apr 20246:20 pmRNSUpdated TCFD Disclosures in Annual Report
11th Apr 202411:45 amRNSSuccessful Conclusion of Bond Exchange Offer
2nd Apr 20247:00 amRNSTotal Voting Rights
20th Mar 20248:30 amRNSUpdate on Arbitrations against Republic of Tunisia
12th Mar 20245:50 pmRNSUpdate on Italian Energy Production Portfolio
11th Mar 20241:00 pmRNSPositive support for Bond Exchange Offer
1st Mar 20241:01 pmRNSUpdate on Bond Exchange Offer
22nd Feb 20242:15 pmRNSAdmission to trading of UK Financing Common Shares
13th Feb 20245:15 pmRNSCompletion of financing with institutional support
25th Jan 20247:30 amRNSBond exchange offer to investors
18th Jan 20241:40 pmRNSUpdate on United States portfolio
29th Dec 202312:02 pmRNSPublication of Half-Year Results
20th Dec 202311:50 amRNSAcquisition of Devonian Petroleum Limited
6th Dec 202311:00 amRNSICC Arbitration for SLK against Tunisia
30th Nov 202312:30 pmRNSNew Kazakhstan subsidiary and pre-contract terms
29th Nov 20239:40 amRNSICC Arbitral Tribunal awards costs
28th Nov 20237:00 amRNSMoU – South Sudan
9th Nov 202312:15 pmRNSPayment of 2026 multi-currency bond coupon
1st Nov 20239:15 amRNSICC Arbitration proceedings against ETAP
25th Oct 20232:30 pmRNSCommencement of Trading on OTCQB Venture Market
18th Oct 202311:01 amRNSSeizure on SMP's bank account
10th Oct 202311:45 amRNSAssignment of new Debt Issuer Credit Rating
4th Oct 20232:00 pmRNSAdmission to trading of Common Shares
29th Sep 202311:05 amRNSConfirmation of Debt Issuer Credit Rating
25th Sep 20236:30 pmRNSImplementation of Share Consolidation
22nd Sep 20236:30 pmRNSShare Consolidation
20th Sep 20233:50 pmRNSShare Consolidation
19th Sep 20239:45 amRNSThird MOU for oil production asset in Kazakhstan
15th Sep 20239:30 amRNSSecond MOU for oil production assets in Kazakhstan
4th Sep 202310:40 amRNSMOU and Exclusivity for asset in Kazakhstan
4th Sep 20237:00 amRNSTermination of SPA for acquisition of OMV Yemen
29th Aug 20237:00 amRNSAcquisition of US listed company
4th Aug 20235:20 pmRNSUpdate on Benin PSC
3rd Aug 202310:06 amRNSThird Acquisition in USA
2nd Aug 202312:00 pmRNSPayment of 2024 multi-currency bond coupon
31st Jul 202311:36 amRNSPublication of 2023 FY annual audited report
10th Jul 20238:15 amRNSConservative seizure of ETAP bank account
5th Jul 202311:35 amRNSSecond acquisition in USA
3rd Jul 202311:10 amRNSCourt rejects SMP’s request and awards damages
23rd Jun 20237:00 amRNSMOU with Ministry of Petroleum – South Sudan
7th Jun 20237:00 amRNSICSID Arbitration against the Republic of Tunisia
2nd Jun 20237:00 amRNSFirst Agreement for USA acquisition campaign
26th May 20238:00 amRNSStrategy Update
18th May 202312:21 pmRNSPayment of multi-currency bond coupon
17th Apr 20237:00 amRNSResult of AGM and Update on Block 1 PSC in Benin
14th Mar 20237:00 amRNSUpdate on Italian Electricity Production
10th Mar 20234:28 pmRNSChange of Auditor & Notice of AGM
6th Mar 20236:00 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.