Update on ICC-2 Annulment Application
October 16, 2025
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on ICC-2 Annulment Application
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:ZENASDR), the listed international energy production and development company, ispleased to provide an update in connection with the submission by its whollyowned subsidiary, Canadian North Africa Oil and Gas Limited ("CNAOG"), of anapplication for annulment of the ICC-2 Arbitration (the "ICC-2 Arbitration")before the Swiss Federal Supreme Court in Lausanne, Switzerland (the"AnnulmentApplication").
On September 15, 2025, the Company announced that CNAOG had submitted theAnnulment Application.
The Company can now confirm that the submission of the Annulment Applicationhasbeen accepted by the Swiss Federal Supreme Court and that the Company hasconsequently made full payment of the procedural fees for the AnnulmentApplication in the amount of CHF 200,000 (equivalent to approximately to EUR215,000 or approximately NOK 2,500,000).
Application for Annulment
Under the Swiss procedural rules, the Company applied for annulment of anarbitral award for, inter alia, cases of serious procedural irregularities.
As previously disclosed on September 15, 2025, following furtherinvestigationsconducted by the Company after the ICC-2 Award, the Company identifiedpreviously undisclosed connections between members of the Arbitral Tribunalandthe Republic of Tunisia.
These undisclosed connections and the repeated procedural irregularities, bothduring the proceedings and reflected within the ICC-2 Award, constitute thecorefoundation for the Annulment Application.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 applicationswithin 6 to 9 months from submission.
Background
CNAOG initiated the ICC-2 Arbitration against the Republic of Tunisia, asannounced in December 2023, following a series of arbitrary actions andobstructions undertaken by the Republic of Tunisia, leading to the arbitrarytermination of the SLK concession.
Inter alia, these included:
o CNAOG's lost production revenue and associated profitability, during aperiodof high energy prices, from the SLK Concession until its initial expiry inDecember 2022.o The volume of crude oil produced from the SLK Concession and allocatedto andreceived by CNAOG upon the completion of the acquisition.
o The value of the 45% interest in the renewal of the SLK Concession,representing a breach of CNAOG's right to renew its previously existing 22.5%interest in SLK, as well as the 22.5% interest held by Kuwait ForeignPetroleumExploration Company, which relinquished its interest in the SLK Concessionbefore its initial expiry.
o CNAOG filed claims in the amount of approximately US$130 millionfollowingcalculations made by third-party experts.
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 in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market
ZEN, the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).
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
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Market Abuse Regulation (MAR) Disclosure The information included in this announcement is defined as inside informationpursuant to MAR article 7 and is publicly disclosed in accordance with MARarticle 17 and section 5 -12 of the Norwegian Securities Trading Act. Theannouncement is made by the contact person.
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