Financial Wire

Zenith Energy Says Tunisia Acknowledges Concessions Ownership, Oil Output

-- Zenith Energy (ZENA.OL, ZEN.L) said Tuesday that Tunisia acknowledged that the Robbana and El Bibane production concessions and the oil produced under the concessions are held by the former's Ecumed Petroleum Tunisia unit.

The North African country made the submissions as part of the ongoing arbitration proceedings before the International Centre for Settlement of Investment Disputes, initiated by Zenith's subsidiaries, according to a Tuesday release.

The 3,987 barrels of oil produced from the concessions remain unsold since 2022 due to repeated obstructions by Tunisian authorities, the energy production and development company said. Zenith also claims that the Robbana production concession site has been non-operational for the past year due to vandalism and theft, and will require a rehabilitation program to resume operations.

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Zenith Energy Says Tunisia Acknowledges Concessions Ownership, Oil Output | Financial Wire