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Zenith Energy Ltd on Thursday provided an update on its ongoing arbitration against Tunisia. Charles Michel, former prime minister of Belgium and ex-president of the European Council, has joined Zenith’s legal team. Also joining is Julie Spinelli, whom Zenith noted as ‘a leading French counsel and arbitrator’. The Calgary, Canada-based oil company, which has interests in the US, Italy, and Tunisia, has been engaged in arbitration against the latter since 2023, when Canadian North Africa Oil & Gas Ltd, Zenith’s wholly-owned subsidiary, filed for around $639.5 million in total damages. Zenith in 2024 alleged that the ‘the arbitrary behaviour of the Tunisian authorities’ lead to ‘unexplained obstructions in facilitating crude oil liftings’ and lost production revenue at the Sidi El Kilani concession. The company expects the final hearing of its three arbitration cases against Tunisia to begin on April 20. Commenting on Michel’s appointment, Zenith said: ‘During his tenure as president of the European Council, he was involved in the European Union’s external engagement with Tunisia, including high-level discussions with Tunisian authorities as part of broader EU-Tunisia cooperation frameworks. This experience provides relevant contextual understanding of the legal, institutional, and geopolitical environment underpinning the company’s arbitration proceedings.’ Back in December, Zenith posted a 34% decline in pretax profit for the six months ended September 30 to C$3.8 million, or £2.1 million, from C$5.7 million on-year. This reflected a rise in administrative costs to C$7.6 million from C$277,000 due to the ongoing litigation. Arbitration costs quadrupled to C$3.6 million from C$778,000 the previous year. Zenith Energy shares rose 7.7% to 9.49 pence on Friday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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