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Zenith Energy Unit to Take Tunisia Concession Dispute to European Court

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Zenith Energy (ZEN.L, ZENA.OL) subsidiary Canadian North Africa Oil and Gas, or CNAOG, is preparing to appeal the dismissal of its ICC-2 arbitration claim against the Republic of Tunisia at the European Court of Human Rights.

The energy production and development company's unit already filed an application to annul the ICC-2 ruling with the Swiss Federal Supreme Court in Lausanne, Switzerland, but decided to take the case to the European court in line with its "right to a fair hearing before an independent and impartial tribunal," according to a Tuesday filing.

The arbitration relates to CNAOG's $130 million claim against the Republic of Tunisia in December 2022, following the "unlawful termination" of the company's Sidi El Kilani concession. CNAOG is appealing the Arbitral Tribunal's rejection of its claims on grounds of "serious procedural irregularities."

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