10th Jul 2023 11:07
(Alliance News) - Zenith Energy Ltd on Monday said it successfully obtained a "conservative seizure" for an amount equivalent to approximately USD6.5 million deposited in a bank account in Switzerland.
The Africa, Middle East and Europe-focused energy production and development company said the bank account was under the name of the Tunisian national oil company Entreprise Tunisienne d'Activites Petrolieres.
The conservative seizure was undertaken to avoid the risk of funds being dissipated or diverted while legal proceedings are ongoing, Zenith Energy explained.
Early last month, Zenith Energy announced that its subsidiaries had initiated various legal proceedings against the Tunisian government, with a total cumulative claimed amount of at least USD48 million.
Zenith said it will provide further updates "as appropriate in accordance with developments".
Shares in Zenith were up 6.7% to 0.40 pence each in London on Monday morning.
By Greg Rosenvinge, Alliance News reporter
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