Final Submission of ICSID on the Merits

About this update from Zenith Energy Ltd.

ZENITH ENERGY LTDSeptember 20, 2025ZENITH ENERGY LTD.("Zenith" or the "Company")Final Submission of ICSID on the MeritsAppointment of Expert The Company is pleased to announce the appointment of TWCOG LLP (“TWCOG”), a leading advisory firm with offices in London and Singapore. TWCOG was founded by Mr. Anthony Way, who has participated in more than sixty international disputes in the oil and gas industry and has provided expert testimony in over fifty arbitration cases. His extensive experience includes involvement in multiple ICSID claims concerning the expropriation of assets by States from oil and gas companies.TWGOG has worked closely with the Company’s independent reserves evaluator, Chapman Hydrogen and Petroleum Engineering Ltd. ("Chapman"), a professional engineering and reserves evaluating firm based in Calgary, the epicentre of the energy industry in Canada, with more than 50 years of experience in the oil and gas industry.Quantification of DamagesTWGOG, having reviewed previous damage quantification, has reappraised the claimed amount under the ICSID Arbitration, which as last announced on October 3, 2024, by the Company, was previously calculated in the amount of US$503 million.A new total claimed amount, considering various additional breaches and obstructions, has been assessed in the total amount of US$572.65 million.BackgroundThe 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 Company’s legal counsel is comprised by Clay Arbitration and Charles Russell Speechlys (CRS), Paris.Clay ArbitrationClay Arbitration is a boutique law firm dedicated to arbitration, founded by Professor Thomas Clay, a leading authority in the field. Professor Clay is a full Professor of Private Law at the Sorbonne Law School (Université Paris 1 Panthéon-Sorbonne), where he teaches Arbitration Law and Alternative Dispute Resolution. He has also served as interim President of Université Paris 1 and created advanced degree programmes in arbitration and international trade.Alongside his academic leadership in France, Professor Clay has held international teaching positions, including serving as Visiting Professor at Columbia Law School in New York. His expertise has also been recog...

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