June 4, 2024 ZENITH ENERGY LTD. ("Zenith" or the "Company") Update on Arbitrations againstRepublic of Tunisia Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to provide an update regarding the ongoing ICC Arbitration for SLK against theRepublic of Tunisia ("ICC 2 Arbitration") and the ICSID Arbitration against theRepublic of Tunisia ("ICSID Arbitration").Zenith Energy Africa Ltd. ("ZEAL"),Zenith Overseas Assets Ltd. ("ZOAL") and Compagnie du Désert Ltd. ("CDD") have appointedRahim Moloo andRobert Spano of the law firmGibson, Dunn & Crutcher LLP ("Gibson Dunn") to act as counsel in their claims against theRepublic of Tunisia brought under the bilateral investment treaty between theUnited Kingdom andTunisia under the auspices of theInternational Centre for Settlement of Investment Disputes for the ICSID Arbitration. Similarly,Canadian North Africa Oil and Gas Limited ("CNAOG") has also appointedRahim Moloo andRobert Spano of Gibson Dunn to act as counsel in the parallel arbitration proceedings brought againstTunisia under the auspices of the ICC for the ICC 2 Arbitration. Gibson Dunn has appeared in numerous high-stake arbitral proceedings before all major arbitral institutions. Gibson Dunn's international arbitration lawyers are regularly ranked by legal publications.Rahim Moloo is a partner and co-chair of the firm'sInternational Arbitration Group . He has been recognized by Who's Who Legal as "one of the most skilled advocates of his generation" and a "Global Elite Thought Leader".Robert Spano is the former president of theEuropean Court of Human Rights , the youngest judge ever to be elected to the presidency in the Court's history.Andrea Cattaneo , Chief Executive Officer, commented: "We are delighted to appoint Gibson Dunn, one of the world's leading arbitration specialists, as legal counsel in relation to the ICC 2 Arbitration and ICSID Arbitration. The Company will work closely withRahim Moloo andRobert Spano with the objective of redressing the very significant damages caused by the actions of the Tunisian authorities to the detriment of Zenith and its shareholders." Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 1279 E: info@zenithenergy.ca Notes to Editors:Zenith Energy Ltd. is a revenue generating, independent energy company with energy production, exploration and development assets inNorth Africa , the US andEurope . The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of theOslo 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
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