REG - Zenith Energy Ltd - Submission of ICC-2 Annulment Application

About this update from Zenith Energy Ltd.

RNS Number : 3073Z Zenith Energy Ltd 15 September 2025 September 15, 2025ZENITH ENERGY LTD.("Zenith" or the "Company")Submission of ICC-2 Annulment ApplicationZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to announce that it will today submit its subsidiary's application for the annulment of the ICC-2 arbitration award before the Swiss Federal Court in Lausanne, Switzerland.As announced on July 16, 2025, the Arbitral Tribunal of the ICC-2 Arbitration against the Republic of Tunisia initiated by Canadian North Africa Oil and Gas Limited ("CNAOG"), a fully owned subsidiary of the Company, rejected the entirety of the claims presented by CNAOG.Application for AnnulmentUnder Swiss law, a party may apply for annulment of an arbitral award in limited circumstances, including cases of serious procedural irregularities.During the ICC-2 proceedings and upon review of the ICC-2 award itself, which contained only six pages of reasoning to dismiss claims of approximately US$130 million after proceedings that lasted more than two years, the Company's legal counsel identified and documented various such irregularities. Following further investigations conducted by the Company after the ICC-2 decision, the Company has also identified previously undisclosed connections between members of the Arbitral Tribunal and the Republic of Tunisia.The Company engaged Charles Russell Speechlys Geneva, led by Pierre Bydzovsky, to prepare and file the Annulment Application.The Swiss Federal Court usually renders decisions on annulment applications within 6 to 9 months from submission.Andrea Cattaneo, Chief Executive Officer of Zenith, commented:"The ICC-2 award, which directly contradicted the outcome of ICC-1, was the result of a flawed arbitration process marred by procedural irregularities and, as we have now uncovered, undisclosed connections between members of the Arbitral Tribunal and the Republic of Tunisia.From the outset of our investment in Tunisia, we have been confident in the strength of our legal position - a position unequivocally validated by the ICC-1 decision. For this reason, our confidence in the merits of CNAOG's claims remains unchanged. We firmly believe that an independent tribunal would reach a fundamentally different conclusion.The discovery of undisclosed c...

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