Zenith Energy Ltd, the listed international energy production and development company, provided an update regarding the international arbitration proceedings it has initiated against Tunisia and ETAP, the national oil company of the Republic of Tunisia.
The claim against Entreprise Tunisienne des Activités Pétrolières amounts to approximately USD 7.5 million. In addition, a decision on the $85.8 million claim against the Republic of Tunisia is expected in the first quarter of 2025, reports private oil investment website London South East.
A further claim against Tunisia of at least $48 million is expected to be settled in 2027. CEO Andrea Cattaneo said: “Zenith is fully confident in the merits of arbitrations. We shall look to initiate a process to determine and grant an extraordinary dividend to shareholders following a potential successful outcome resulting from the CNAOG ICC Arbitration and ICSID Arbitration.”
