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Zenith Energy Ltd shares rose on Thursday as it said it has obtained ‘compelling new evidence’ to support its annulment application against the Republic of Tunisia. Back in December 2022, the energy producer, explorer and developer’s subsidiary Canadian North Africa Oil & Gas Ltd started the ICC-2 arbitration against Tunisia after a series of ‘arbitrary actions and obstructions’ led to the termination of the Sidi El Kilani concession. CNAOG filed claims totalling around $130 million in total. Under the Swiss procedural rules, the company applied for annulment of an arbitral award for cases of ‘serious procedural irregularities’. After the award, Zenith said it became aware of new evidence indicating previously undisclosed connections between two members of the ICC-2 arbitral tribunal, including President Cecilia Carrara, and Tunisia. ‘These undisclosed connections and the procedural irregularities, both during the proceedings and reflected within the ICC-2 award, constitute the core foundation for the annulment application,’ it said. On Thursday, CNAOG said it has obtained material ‘which it believes constitutes compelling new evidence’ to support its annulment application. The firm said it believes the material ‘provides incontrovertible evidence’ of a ‘previously undisclosed and irregular relationship’ between Tunisia’s lawyers and the president of the tribunal. ‘Given the gravity of these findings, CNAOG has submitted this material to the Swiss Federal Supreme Court,’ it said. ‘The company has also decided to refer the totality of its findings to a number of other competent judicial and criminal courts for their independent consideration and action.’ CNAOG said it has also instructed its legal advisers to consider preparing an application to the European Court of Human Rights. It said the court is the tribunal of last resort for any person deprived of their fundamental rights. ‘CNAOG believes that the information now obtained raises fundamental questions concerning the independence and impartiality of the ICC-2 arbitral tribunal and engages rights protected under the European Convention on Human Rights,’ the firm added. Chief Executive Officer Andrea Cattaneo said: ‘Annulment applications before the Swiss Federal Supreme Court faces a high legal threshold, and few have historically succeeded. We believe, however, that the evidence now before the court fundamentally distinguishes this case. ‘The new material constitutes ’smoking gun’ evidence...These findings go to the very heart of the integrity, independence and impartiality of the arbitral process - and their significance extends well beyond the annulment proceedings themselves.’ Cattaneo added: ‘We remain confident that the Swiss court will give these serious matters the careful and independent scrutiny they deserve and will decide to annul the ICC-2 arbitration decision. However, should it be necessary, we have also instructed our lawyers to prepare an application to the European Court of Human Rights. ‘I wish to be clear that we will pursue every legal avenue available to us - for as long as it takes - to protect the rights of the group companies and the interests of our shareholders.’ Zenith Energy shares were up 7.6% at 4.68 pence on Thursday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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