Zenith Energy Loses ICC-2 Arbitration, Plans Annulment Appeal
Why we think this is neutral
The RNS announcement does not contain any of the mandatory news types that would require a more detailed analysis. It simply reports the outcome of an arbitration and the company's plans to appeal the decision. Without any financial figures or operational updates, the sentiment is neutral.
Key Points
- CNAOG's claims in the ICC-2 Arbitration, totaling approximately US$130 million, have been rejected by the Arbitral Tribunal
- Zenith's legal counsel has identified and documented several serious procedural irregularities during the ICC-2 proceedings
- CNAOG will file an application for annulment of the ICC-2 award before the Swiss Federal Supreme Court
- The company remains confident in the strength of its case and will continue to fight to achieve justice
Summary
The energy company has lost an arbitration case against the Republic of Tunisia and plans to appeal the decision.
Zenith Energy Ltd. (LSE: ZEN), the international energy production and development company, has announced that its subsidiary, Canadian North Africa Oil and Gas Limited (CNAOG), has received an unfavourable decision from the Arbitral Tribunal in the ICC-2 Arbitration regarding the Sidi El Kilani concession. The company will now proceed with an application for annulment of the ICC-2 award before the Swiss Federal Supreme Court.
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