Since 2022, Zenith states that Tunisian authorities have repeatedly obstructed or delayed the sale of oil from the Robbana and El Bibane concessions, preventing EPT from monetizing production and forcing the Company to bear ongoing salaries, environmental compliance and technical upkeep. The total cost of maintaining the assets under these conditions is estimated at approximately USD 2M to date. Total production from the two concessions since 2022 amounts to 11,670 barrels, of which around 8,000 barrels remain in storage at Robbana, representing full on-site storage capacity.

Analyst Group’s View on the Tunisian Developments and Legal Implications
In Analyst Group’s view, the update provides a concrete illustration of how value has been systematically removed from Zenith’s Tunisian assets. Since 2022, EPT has had to fund all salaries, environmental compliance and technical maintenance for Robbana and El Bibane, at an estimated cumulative cost of roughly USD 2M, equivalent to approximately SEK 19M, while at the same time being prevented from selling its oil on normal commercial terms. Put simply, the Company is carrying the costs of the concessions, while Tunisian entities decide if and when the oil can be sold and, in the latest case, keep the entire revenue themselves. Zenith’s decision to keep the assets compliant and maintained, despite this, reflects both its legal obligations on the ground and the need to document ongoing damage and lost revenue as part of its arbitration claims.

Assuming an illustrative oil price assumption of around USD 80 per barrel, the 3,987 barrels reportedly sold without authorization correspond to a revenue equivalent of roughly USD 0.3M, while the full 11,670 barrels produced since 2022 equate to just under USD 1.0M in gross sales value. These amounts are small in the context of Zenith’s overall ICSID claim but are material at asset level and illustrate the erosion of expected economic returns from the Tunisian operations. The Company also notes that production volumes have declined over time and would have been materially higher had EPT been able to sell oil and receive payment on a regular basis, which further underlines the opportunity cost of the current situation.

From a legal standpoint, the events described are consistent with the broader pattern Zenith has invoked in its international arbitration processes: blocked offtake, non-payment for produced oil, and unilateral actions impacting shareholder rights in MARETAP, where Zenith holds 50 %. While this specific incident does not change the formal status of the ICSID or ICC proceedings, it provides an additional, concrete example of the type of behavior the Company argues amounts to expropriation and denial of fair treatment under the UK–Tunisia Bilateral Investment Treaty.

Read Analyst Group’s comment here

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This is a press release from Analyst Group regarding the publication of a comment on Zenith Energy. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.