REG - Zenith Energy Ltd - ICSID Arbitration against the Republic of Tunisia

About this update from Zenith Energy Ltd.

RNS Number : 8665J Zenith Energy Ltd 26 June 2026 June 26, 2026ZENITH ENERGY LTD.Update on ICSID Arbitration against the Republic of TunisiaZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed international energy production and development company, is pleased to confirm that the International Centre for Settlement of Investment Disputes ("ICSID") has now announced the final timeframe for post-hearing briefs and the delivery of the final award for the claims launched against the Republic of Tunisia by its fully-owned subsidiaries in the amount of approximately US$572.65 million (the "ICSID Arbitration").Conclusion of the Hearing and Final PhaseFollowing the conclusion of the merits hearing, which was held at the World Bank's facilities in Paris from 20-24 April 2026, the ICSID Arbitration has entered its final post-hearing phase. This stage comprises the parties' post-hearing written submissions, following which the Tribunal will deliberate and issue its final award.Pursuant to Procedural Order No. 13, the Arbitral Tribunal has established the following timetable for the remainder of the proceedings:· Post-Hearing Written Submissions - Part 1: 31 July 2026· Post-Hearing Written Submissions - Part 2: 30 September 2026· Tribunal Award (estimated): Q1 2027The Company expects the comprehensive post-hearing submissions process to provide the Tribunal with the fullest opportunity to consider all material factual and legal issues before rendering a complete, well-reasoned and fully enforceable award. During the merits hearing, cross-examinations conducted by the Claimants' legal team, comprising Professor Thomas Clay, Charles Michel, Simon Le Wita, Ben Juratowitch KC, Matthieu Grégoire and Julie Spinelli, identified a number of factual and legal issues that the Tribunal indicated warranted further examination before reaching its final determination.For the Zenith Claimant companies, this provides an important opportunity to articulate clearly and comprehensively the full extent of the losses suffered as a result of the Republic of Tunisia's unlawful conduct. It also enables the Claimants to address the additional evidence, factual clarifications and legal issues that emerged during the April 2026 hearing, including through the cross-examination of the Republic of Tunisia's witnesses, which brought to light a number of ...

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