May 7, 2024 ZENITH ENERGY LTD. ("Zenith" or the "Company") Update on ICC Arbitration proceedings against ETAPZenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to provide an update regarding the ICC (International Chamber of Commerce ) arbitration case seated inParis (France) against Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the national oil company of theRepublic of Tunisia (the "ICC Arbitration"). Background OnJuly 10, 2023 , the Company announced that it had successfully obtained a "conservative seizure" for an amount equivalent to approximatelyUS$6.5 million deposited in a bank account under the name of ETAP inSwitzerland (the "Conservative Seizure"). The Conservative Seizure was granted in view of ETAP's failure to comply with its contractual obligations to pay for oil produced and sold by the claimant, a wholly owned subsidiary of Zenith, namedEcumed Petroleum Zarzis Ltd ("EPZ"), registered inBarbados . OnNovember 29, 2023 , the Company announced that theArbitral Tribunal of the ICC Arbitration had rejected ETAP's request to include the Tunisian State as co-defendant and ordered ETAP to pay approximatelyEUR 120,000 in costs to EPZ. Update The Company is pleased to announce that it has strengthened its legal team in support of the ICC Arbitration by appointing Clay Arbitration, an independent boutique law firm specialised in arbitrations founded by ProfessorThomas Clay , a renowned academic and lawyer, who is currently Professor atSorbonne Law School , where he teaches Arbitration Law and Alternative Dispute Resolution.Professor Clay has participated in approximately one hundred arbitration proceedings as chairman, sole arbitrator, and co-arbitrator, as well as counsel in domestic and international arbitrations. He has also participated in ad hoc and institutional arbitrations in the fields of energy, oil and gas, mining, telecommunications, construction, distribution, commercial law, sports law, labour law (ICC, ICSID, LCIA). Further Information:Zenith Energy Ltd Andrea Cattaneo , Chief Executive Officer Tel: +1 (587) 315 1279 E: info@zenithenergy.caAllenby Capital Limited - Financial AdviserNick Harriss Daniel Dearden-Williams Tel: + 44 (0) 203 328 5656 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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