Zenith Energy

Legal Proceedings Report • Oct 16, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on ICC-2 Annulment ApplicaAon

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed interna?onal energy produc?on and development company, is pleased to provide an update in connec?on with the submission by its wholly owned subsidiary, Canadian North Africa Oil and Gas Limited ("CNAOG"), of an applica?on for annulment of the ICC-2 Arbitra?on (the "ICC-2 ArbitraAon") before the Swiss Federal Supreme Court in Lausanne, Switzerland (the "Annulment ApplicaAon").

On September 15, 2025, the Company announced that CNAOG had submiQed the Annulment Applica?on.

The Company can now confirm that the submission of the Annulment Applica?on has been accepted by the Swiss Federal Supreme Court and that the Company has consequently made full payment of the procedural fees for the Annulment Applica?on in the amount of CHF 200,000 (equivalent to approximately to EUR 215,000 or approximately NOK 2,500,000).

ApplicaAon for Annulment

Under the Swiss procedural rules, the Company applied for annulment of an arbitral award for, inter alia, cases of serious procedural irregulari?es.

As previously disclosed on September 15, 2025, following further inves?ga?ons conducted by the Company aZer the ICC-2 Award, the Company iden?fied previously undisclosed connec?ons between members of the Arbitral Tribunal and the Republic of Tunisia.

These undisclosed connec?ons and the repeated procedural irregulari?es, both during the proceedings and reflected within the ICC-2 Award, cons?tute the core founda?on for the Annulment Applica?on.

The Company engaged Charles Russell Speechlys Geneva, led by Pierre Bydzovsky, to prepare and file the Annulment Applica?on.

The Swiss Federal Court usually renders decisions on annulment applica?ons within 6 to 9 months from submission.

Background

CNAOG ini?ated the ICC-2 Arbitra?on against the Republic of Tunisia, as announced in December 2023, following a series of arbitrary ac?ons and obstruc?ons undertaken by the Republic of Tunisia, leading to the arbitrary termina?on of the SLK concession.

Inter alia, these included:

• CNAOG's lost produc?on revenue and associated profitability, during a period of high energy prices, from the SLK Concession un?l its ini?al expiry in December 2022.
• The volume of crude oil produced from the SLK Concession and allocated to and received by CNAOG upon the comple?on of the acquisi?on.
• The value of the 45% interest in the renewal of the SLK Concession, represen?ng a breach of CNAOG's right to renew its previously exis?ng 22.5% interest in SLK, as well as the 22.5% interest held by Kuwait

Foreign Petroleum Explora?on Company, which relinquished its interest in the SLK Concession before its ini?al expiry.

• CNAOG filed claims in the amount of approximately US\$130 million following calcula?ons made by thirdparty experts.

Further Informa?on:

Zenith Energy Ltd
	Tel: +1 (587) 315 1279
Andrea CaQaneo, Chief Execu?ve Officer
	E: info@zenithenergy.ca

Notes to Editors:

Zenith Energy Ltd.is a revenue generating, independent energy company with energy production, exploration and development assets in North Africa, the US and Europe. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

Zenith's strategic focus is on pursuing development opportunities through the development of proven revenue generating energy production assets, as well as low-risk exploration activities in assets with existing production.

For more information, please visit: www.zenithenergy.ca

Twitter: @zenithenergyltd LinkedIn: https://bit.ly/3A5PRJb

Market Abuse Regulation (MAR) Disclosure

The information included in this announcement is defined as inside information pursuant to MAR article 7 and is publicly disclosed in accordance with MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. The announcement is made by the contact person.