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Skrivet av Redaktionen  • 5 februari, 2025 03:00

Intervjun:

Andrea Cattaneo (CEO) Zenith Energy


Andrea Cattaneo (CEO) Zenith Energy Ltd

This is an interview in a paid collaboration.

 

Surging Interest in Zenith Energy as Legal Victory Spurs Market Optimism

Investor interest in Zenith Energy has surged following a sharp rise in both share price and trading volume. The market reaction comes in response to the company’s successful arbitration ruling against the Tunisian state—an outcome that strengthens confidence as further disputes approach resolution.

In today’s exclusive interview, we sought an update from Zenith’s CEO, Andrea Cattaneo, on the latest developments. We also pressed for insights on the likelihood of a settlement, given the substantial claims at stake—amounting to $130 million and $503 million, respectively.

 

To fully understand the context of this interview, it is important to be familiar with the following abbreviations:

ICC = International Chamber of Commerce
ICSID = International Centre for Settlement of Investment Disputes

Zenith Energy Ltd, is listed in London and Oslo.

 

 

 

1: Refresh our readers’ memory—what does Zenith do, and how did the company end up in a dispute with the Tunisian state?

Andrea Cattaneo (CEO) Zenith Energy: Zenith is an international energy company, an international operator producing oil & gas and electricity on three continents.

Zenith once controlled four fields in Tunisia, which have been sequestrated or rendered unable to produce any revenues, only costs—consequently resulting in small losses.

Zenith strongly reacted by initiating three arbitrations: two (ICC1 and ICC2) before the International Chamber of Commerce in Paris and one before the ICSID, a subsidiary of the World Bank in Washington.

 

2: What are these three disputes, and what is their current status? How large are the amounts involved, and when can we expect rulings from the arbitration court?

Andrea Cattaneo (CEO) Zenith Energy:

ICC 1 = 6.7 million USD
ICC 2 = 130 million USD
ICSID 1 = 503 million USD
Total = 639.7 million USD

Sentences / Award Timing

  • ICC 1 = Already won on December 18, 2024, with a total award of 9.7 million USD (+45% over the original claim of 6.7 million USD)
  • ICC 2 = Expected September 2025
  • ICSID 1 = Expected in Q2 2026

3: These are very substantial amounts. For those unfamiliar with contracts and arbitration within the oil sector, could you explain the process?

Andrea Cattaneo (CEO) Zenith Energy: The oil sector is characterized by the granting of concessions—licenses to produce—by the host country. These licenses normally last for 25 years. If one or more of these licenses are illegally canceled, damages are calculated for the next 25 years, making them very large.

 

4: What factors suggest that the Tunisian state might reach out to negotiate a settlement in advance of potential damages? If not, why?

Andrea Cattaneo (CEO) Zenith Energy: These amounts make reasonable for the Tunisians to try to settle. Negotiations though can be made in a way that serves only the scope of Tunisians to delay matters, so they shall be seen with attentive magnifying glasses, but negotiation remains the most reasonable solution.

5: Just recently, another private placement was announced—this time NOK 40.6 million—targeted at existing shareholders and the board. Can you elaborate on this event and its intended use of funds?

Andrea Cattaneo (CEO) Zenith Energy: Both private placements were carefully structured to avoid short-term investors who buy at a discount and then make an easy short-term profit. In both cases, we sought institutions that conducted a thorough assessment and wanted to join the company’s long-term journey. Management itself is heavily invested.

 

6: Beyond these two remaining disputes, are there any other disputes ongoing?

Andrea Cattaneo (CEO) Zenith Energy: Zenith also has an important court dispute in Paris, which is not an arbitration case. Our claims there amount to 9 million USD, with a court trial scheduled for March 2025—so very soon.

(red: link to Euronext Live Market News Oct 4ht 2024 ; source)

7: Tell us about your Capital Markets Day in Stockholm this Thursday at 3:00 PM. Why should people attend and listen?

Andrea Cattaneo (CEO) Zenith Energy: I believe that you shall always hear from the horse mouth, and above all, form an impression of the management.

 

8: A final speculation—will oil prices be higher or lower by the end of this year? Where do you see Brent crude priced on December 31, 2025?

Andrea Cattaneo (CEO) Zenith Energy: In 2025 the oil price will reasonably move between 70 and 100 usd. Trump promises more sympathy for oil & gas and this is good provided that production does not go to much up surpassing demand. War or the end of wars, will possibly make a geopolitical impact in the oil price.

 

Red:  Don’t forget to register for Zenith’s Capital Markets Day in Stockholm tomorrow, Thursday. You can find the digital registration form via this link.

https://dagensbors.se/zenith-bjuder-in-till-investerarmote/

 

Dagens Börs thanks Andrea Cattaneo, CEO of Zenith Energy, for a very interesting interview, and we wish him and Zenith the best of luck!

 


Diagram ovan: Zenith Energy Ltd. dagsdiagram/ Oslo Börs (diagram källa: Infront), currency NOK.