17th Oct 2025 14:41
(Alliance News) - Zenith Energy Ltd on Friday said the Swiss Federal Supreme Court has accepted its application for an annulment award in an arbitration against the Republic of Tunisia.
The Calgary, Canada-based oil company has interests in Italy, Tunisia and the US. Back in December 2023, Canadian North Africa Oil & Gas Ltd, Zenith's wholly-owned subsidiary, filed for around USD639.5 million in total damages from the Republic of Tunisia. Zenith alleged that authorities had obstructed oil liftings, costing the company revenue at its Sidi El Kilani concession.
The firm received a "favourable" decision on the first arbitration, ICC-1, which ordered Tunisia to pay USD9.7 million, but in July, a tribunal declined to award the USD130 million which Zenith was seeking in the second arbitration case.
The company's legal counsel claimed that the ICC-2 hearing involved "repeated and serious procedural irregularities". According to Zenith's investigations, there were "undisclosed connections between members of the arbitral tribunal and the Republic of Tunisia."
Zenith in September applied for an annulment award from the Swiss court. It expects a decision within the next six to nine months from submission.
The company said it has fully paid procedural fees for the application, which totalled CHF200,000 or GBP188,326.
Also in September, Zenith submitted its third arbitration, in pursuit of USD572.7 million, through the International Centre for the Settlement of Investment Disputes. Final ICC-3 hearings are scheduled to take place in the second half of April 2026.
Zenith Energy shares rose 11% to 3.49 pence on Friday afternoon in London.
By Holly Munks, Alliance News reporter
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