Zenith alleges unauthorized sale of Tunisian crude oil

Zenith Energy Ltd. reports its subsidiary, Ecumed Petroleum Tunisia (EPT), has been impacted by ongoing obstructions from Tunisian authorities regarding its oil production concessions in Robbana and El Bibane. Since 2022, EPT has been prevented from selling its oil, incurring approximately $2 million in costs to maintain assets. Total oil production from 2022 to 2024 amounted to 11,670 barrels, with 8,000 barrels currently stored at Robbana.

A further 3,987 barrels were forcibly transferred from El Bibane to MARETAP storage in January 2024, despite safety inspections confirming no risks. Zenith, which holds a 50% interest in MARETAP, alleges that Tunisia's national oil company (ETAP) subsequently sold these 3,987 barrels without authorization or notification to EPT, and has stated no proceeds will be paid. Zenith's chief executive, Andrea Cattaneo, views this as a deliberate act of confiscation, reinforcing the company's determination to pursue all legal remedies through international arbitration.