For those unfamiliar with Zenith Energy, could you provide an overview of your company, its primary operations, and your role within the energy sector?

Zenith Energy is an international energy production and development company, focusing on the acquisition and development of oil gas assets with proven production and significant untapped potential. From this type of production Zenith has developed the production as well of electricity.  Our operations span several regions, including Africa and Europe, where we aim to optimize production capacities and drive sustainable growth. Our strategy involves identifying underutilized assets and leveraging our technical expertise to enhance their value.

Recently, Zenith Energy has been involved in arbitration proceedings against Tunisia. Could you provide an overview of this dispute and its significance for the company?

Indeed, we’ve initiated international arbitration proceedings against the Republic of Tunisia and its national oil company, Entreprise Tunisienne d’Activités Pétrolières (ETAP). These actions were taken following a series of measures by Tunisian authorities that adversely affected our operations, particularly concerning the Sidi El Kilani and Ezzaouia concessions. In December 2024, we achieved a favorable outcome in the firt of these 3 Arbitration, called the  ICC-1 Arbitration, with the tribunal ordering ETAP to pay approximately US$9.7 million in damages and associated costs. This decision underscores our commitment to safeguarding our investments and upholding our contractual rights.

What strategies does Zenith Energy employ to identify and acquire revenue-generating energy assets in your key markets?

Our approach involves thorough geological and economic analyses to pinpoint assets with established production and substantial enhancement potential. We leverage our extensive industry network to acquire assets that promise stable cash flows and long-term value creation.

Obviously due to the recent experience in Tunisia, in future the reputation of the host country versus the respect of international investment rules will be considered a priority

How does Zenith Energy manage geopolitical risks and regulatory challenges in the regions where you operate?

We conduct comprehensive risk assessments before entering new markets and maintain close collaboration with local authorities to ensure compliance with all applicable laws and regulations. Diversifying our asset portfolio across multiple regions also helps mitigate risks associated with any single country.

With a diverse portfolio encompassing both exploration and production assets, how does Zenith balance short-term cash flow generation with long-term growth objectives?

We strive to maintain a robust balance by generating stable cash flows from our existing production assets while investing in exploration activities is limit to our acreage already in production. This strategy ensures immediate profitability and positions us for sustained expansion. Indeed our exploration activities are made in the framework of the development of our acreage, and not in the spirit of making discoveries

What technological or operational improvements is Zenith Energy implementing to optimize production and reduce costs?

We are adopting advanced technologies, including automation and data analytics, to enhance the efficiency of our production processes. These initiatives aim to maximize output, minimize operational costs, and improve overall profitability.

Where do you envision Zenith Energy in a year’s time?

We aim to strengthen our position as a leading energy producer by expanding our asset base, increasing production, and enhancing operational efficiency.

In parallel, we are actively pursuing legal remedies against ETAP, with arbitration claims totalling $642.7 million—over six times our market capitalization. Notably, our first claim (ICC-1) resulted in a $9.7 million award in December 2024, with payment expected by the end of 2025. The second claim (ICC-2) for $130 million is expected to conclude in the next 4-6 months, while the third (ICSID-1) for $530 million is set for a decision in December 2025.

To ensure financial stability, we have raised $8.4 million since October 2024, fully funding operations through the ICC-2 resolution. Directors have personally invested $2.65 million—31.48% of funds raised—demonstrating confidence in the arbitrations and aligning with shareholders. With strong funding and given our optimism in the legal progress, Zenith is well-positioned for growth in the coming year.

Could you highlight three reasons why Zenith Energy presents an attractive investment opportunity today?

Diversified Asset Portfolio: We hold assets across multiple stable and development-ready regions, reducing exposure to any single market, with activities in both the fossil and the renewable forms of energy.

Strong Financial Position & Legal Upside: In addition to reliable cash flow from operations, we are actively pursuing arbitration claims totalling $642.7 million. We remain optimistic about the outcomes, with a recent $9.7 million award already granted and additional rulings expected in the coming months.

Experienced & Committed Leadership: Our management team has a strong track record of delivering results. Directors have personally invested $2.65 million since October 2024, aligning their interests with shareholders and demonstrating confidence in Zenith’s future.