Oil and gas company Zenith Energy (LON: ZEN) shares soared 39.7% to 4.75p on the back of an ICSID arbitration decision against the Republic of Tunisia. The share price was above 5.5p at one point.
The Arbitral Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) held an arbitration in Washington DC and rejected Tunisia’s objection to jurisdiction. It also told the claimants (three subsidiaries of Zenith Energy) and respondent to agree on a shorter procedural timetable and tell the tribunal by 20 January.
The dispute is over Tunisia’s failure to comply with the terms of an investment treaty with the UK. The total principal claim is for $503m, but with interest and costs this could rise to $640m. The final decision on any award should be made by the summer of 2025.