AfricanManager, 23 September 2025

Tunisia: Zenith Energy claims USD 573 million

Zenith Energy Ltd. announced Monday that its UK subsidiaries have filed their final submissions in an ongoing international arbitration case against the Republic of Tunisia before the International Centre for Settlement of Investment Disputes (ICSID) in Washington.

The oil company with interests in Italy, Tunisia and the US said damages in the claim are now assessed at $572.7 million, up from $503 million previously.

The arbitration was launched in 2023 over alleged breaches of the 1989 bilateral investment treaty between the UK and Tunisia.

Zenith has appointed advisory firm TWCOG LLP to support the case, working alongside its reserves evaluator Chapman Hydrogen & Petroleum Engineering. TWCOG reappraised the claim value after reviewing damage quantification and additional alleged breaches.

Final hearings are expected in the second half of April 2026. Zenith is represented by Clay Arbitration and Charles Russell Speechlys in Paris.

Shares in Zenith were up 7.5% to 4.30 pence in London at midday on Monday. The stock remains down 33% so far in 2025.