Summary

Zenith Energy Ltd. provides an update in relation to the approximately US$573 million international arbitration being pursued by Zenith's UK subsidiaries (the "Claimants") against the Republic of Tunisia before the International Centre for Settlement of Investment Disputes ("ICSID") under the 1989 bilateral investment treaty between the United Kingdom and Tunisia (the "ICSID Arbitration").

Following the Republic of Tunisia's persistent failure to meet its payment obligations throughout the ICSID Arbitration, ICSID has again requested Tunisia to pay its outstanding share of the ICSID Arbitration costs. This procedural development reflects Tunisia's continued non-compliance with its financial obligations and ICSID's efforts to ensure that such non-compliance does not impede the continued progression of the ICSID Arbitration towards a final award.

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