Zenith Energy Ltd on Tuesday said it filed legal proceedings against Tunisia, accusing the government of harming the commercial interests of investors in the country.

Zenith is a Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe.

The company said that the arbitration, asking for at least $48 million in damages, was filed in accordance of an agreement between the UK and Tunisia signed in 1989.

Zenith alleged that the government of Tunisia is hurting commercial interests of investors in the country via ‘unjustified obstructions for processing the sale of produced oil’, citing the Sidi El Kilani and Ezzaouia licenses.

The company added that it continues to operate in Tunisia, highlighting its Robbana and El Bibane concessions. It said Robbana is producing around 20 to 25 barrels of oil per day, with around 8,000 barrels of oil in stock and ready for sale.

Zenith shares were 1.4% higher at 0.43 pence each in London on Wednesday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.