Zenith Energy (LSE:ZEN), a listed international energy production and development company, said the International Centre for Settlement of Investment Disputes has established a formal schedule for the remaining stages of its arbitration against the Republic of Tunisia, with a final award now expected in the first quarter of 2027.
The case, lodged in June 2023 under the 1989 bilateral investment treaty between the United Kingdom and Tunisia, seeks principal damages of approximately $572.65 million, a figure that has grown to reflect what Zenith describes as additional breaches and obstructions by Tunisian authorities.
Following a merits hearing held at the World Bank's Paris facilities from 20 to 24 April, the tribunal has directed both parties to file post-hearing written submissions in two stages: the first due 31 July, the second by 30 September.
Zenith said cross-examinations conducted during the April hearing, including of Tunisia's former Director-General of Hydrocarbons, surfaced factual contradictions that the tribunal expressly indicated warranted further scrutiny in the written submissions phase.
"We are closer than ever to obtaining what we believe will be a substantial and fully enforceable award against the Republic of Tunisia," chief executive Andrea Cattaneo said.
The tribunal rejected Tunisia's bid to bifurcate the proceedings and challenge jurisdiction as a preliminary matter in December 2024, clearing the path to the merits stage now concluded.
