Zenith Energy LTD.Com Shs
ZEN · Main Market · Energy · mcap £30m · 3.8p 6 open situations →
Open · 6
Italian solar development pipeline
Part of Partial sale of solar portfolio – Negotiations ongoing; no agreement announced
Pipeline grew from 120.5 MWp (Feb 2026) to 193 MWp on 13 Jul 2026, about 212 MWp on 17 Sep and about 223 MWp on 28 Sep 2026. On 19 Oct 2026 a fourth Pavia project (about 10 MWp) lifted it to about 233 MWp, against a 240 MWp target by end-2026. The Puglia plants (7 MWp) remain under construction.
- CfD scheme
- FER X, EUR 23bn; projects below 1 MWp qualify without auctions 13 Jul 2026 ↗
- Bidding rules
- Above 1 MWp via competitive bidding; below 1 MWp direct access at an ARERA-set strike price 12 Jun 2026 ↗
- Price
- About 11 hectares at EUR 98,000 per hectare, about EUR 1,078,000 19 Oct 2026 ↗
- Permitting
- PAS simplified procedure, 30 to 60 days municipal review; no environmental impact assessment 19 Oct 2026 ↗
- Pipeline
- approximately 233 MWp as of 19 Oct 2026; target 240 MWp by end of 2026 19 Oct 2026 ↗
- Payment terms
- Payable only once the project reaches Ready-to-Build 19 Oct 2026 ↗
Next: reach 240 MWp pipeline target by end-2026 · 31 Dec 2026
- 19 Oct 2026 Pipeline about 233 MWp; Pavia cluster 30 MWp
- 28 Sep 2026 Pipeline about 223 MWp; target 240 MWp
- 17 Sep 2026 Pipeline about 212 MWp; target now 240 MWp
- 28 Jul 2026 Reveille created and listed
Partial sale of solar portfolio
Includes Italian solar development pipeline – Pipeline about 233 MWp; Pavia cluster 30 MWp
Zenith planned in Oct 2025 to sell part of its solar portfolio. WESOLAR signed a non-binding MoU on 15 Jul 2026 for about 50 MWp of Piedmont projects at EUR 12m against about EUR 5m cost. On 19 Oct 2026 management said negotiations on a number of sales continue and could deliver significant revenue around the turn of the year.
- Size
- 50 MWp of sales by March 2027, about EUR 41m combined 19 Oct 2026 ↗
- Operational assets
- About 20 MWp, valued at circa EUR 26 million 31 Mar 2026 ↗
- RtB assets
- 30 MWp, valued at circa EUR 15 million 31 Mar 2026 ↗
- Total value
- Approximately EUR 41 million combined 31 Mar 2026 ↗
- Price
- EUR 12m for about 50 MWp South Piedmont Portfolio, MoU announced 15 Jul 2026 19 Oct 2026 ↗
- Business sold
- Solar development projects, cost about EUR 5m; implied gross profit about EUR 7m 28 Sep 2026 ↗
Next: conclude sale negotiations
- 19 Oct 2026 Negotiations ongoing; no agreement announced
- 28 Sep 2026 Buyer talks advancing; MoU non-binding
- 17 Sep 2026 Non-binding MoU; further sale talks ongoing
- 15 Jul 2026 Non-binding MoU signed; due diligence pending
ICC-2 annulment application
CNAOG applied to the Swiss Federal Supreme Court in September 2025 to annul the ICC-2 award, which dismissed about US$130m of claims; the Court accepted the application in October 2025. On 11 Mar 2026 Tunisia was said to have missed its response deadline and to contest jurisdiction. On 15 Sep 2026 Zenith said it will engage a European law firm to prepare an ECHR application. It cites further evidence of undisclosed contact between the tribunal President and Tunisia's counsel, first announced 9 Jul 2026, and acknowledges the Swiss Court's narrow standard of review.
- Forum
- Swiss Federal Supreme Court, Lausanne; additional ECHR application planned 15 Sep 2026 ↗
- Amount at stake
- ICC-2 claims of approximately US$130 million dismissed 15 Sep 2026 ↗
- Grounds
- Alleged undisclosed contact between tribunal President and Tunisia's counsel, including conference attendance in Tunisia; procedural irregularities 15 Sep 2026 ↗
- Tunisia response
- Response deadline missed; jurisdiction contested; argues a Tunisian Court of Appeal should hear it (11 Mar 2026) 11 Mar 2026 ↗
- Decision timing
- Usually 6 to 9 months from submission (filed Sept 2025) 11 Mar 2026 ↗
- Next milestone
- Swiss Court decision; ECHR firm to be engaged; no dates given 15 Sep 2026 ↗
Next: Swiss Court decision on annulment; ECHR filing once law firm engaged
- 15 Sep 2026 Pending at Swiss Court; ECHR route added
- 11 Mar 2026 Awaiting Tunisia's response; jurisdiction contested
Tunisian authorities dispute and oil confiscation
Includes ICC-2 annulment application – Pending at Swiss Court; ECHR route added
ETAP sold stored oil without authorisation and Zenith is pursuing ICSID arbitration against Tunisia, a claim above about US$572.65m. Tunisia recognised EPT as concession holder on 14 Apr 2026, and the merits hearing ran 20-24 Apr 2026. The audited FY accounts (28 Jul 2026) show CAD$8.0m of arbitration costs and CAD$6.8m of Tunisian impairments. Zenith cites aggregate claims of about US$700m and an award estimated for Q1 2027.
- Funding
- Placing proceeds cover additional legal fees
- Tunisia recognition
- On 14 Apr 2026 Tunisia recognised EPT as concession holder and owner of about 3,987 barrels 26 Jun 2026 ↗
- Oil value
- About US$400,000 recognised; about US$800,000 stored at Robbana, at US$100 per barrel 14 Apr 2026 ↗
- Robbana status
- Non-operational for at least one year; significant rehabilitation programme needed 14 Apr 2026 ↗
- Timetable
- Part 2 due 30 September 2026; award estimated Q1 2027 28 Jul 2026 ↗
- Hearing
- Merits hearing held at World Bank facilities in Paris, 20-24 April 2026 26 Jun 2026 ↗
- 28 Jul 2026 Post-hearing briefs; Tunisian assets impaired in audited accounts
- 26 Jun 2026 Post-hearing briefs; award expected Q1 2027
- 14 Apr 2026 ICSID arbitration; Tunisia concedes ownership
- 8 Dec 2025 ICSID arbitration; legal team expanded
Acquisition of Daybreak Oil and Gas
On 3 Jun 2026 Zenith announced non-binding exclusivity agreements with Reabold and Portillion over about 82% of Daybreak Oil and Gas, a California onshore oil producer. The 90-day exclusivity covers due diligence and negotiation. Any shares acquired may be held via Leopard Energy. No price is stated.
- Stake
- About 82% combined: Reabold approx. 42%, Portillion approx. 40% 3 Jun 2026 ↗
- Exclusivity
- 90 days, from the 3 Jun 2026 announcement; sellers agree not to solicit competing deals 3 Jun 2026 ↗
- Price
- Not stated; historical values of about US$7.8m given for context only 3 Jun 2026 ↗
- Conditions
- Due diligence, definitive documentation and any other agreed conditions; non-binding 3 Jun 2026 ↗
- Production
- Approximately 130 barrels of oil per day, estimated 3 Jun 2026 ↗
- Holding vehicle
- Possibly Leopard Energy (OTC: LEEN) or another Zenith subsidiary 3 Jun 2026 ↗
Next: Complete due diligence and negotiate definitive agreements within 90-day exclusivity
- 3 Jun 2026 Non-binding exclusivity signed; due diligence
Dilutive placing to fund projects
Led to Italian solar development pipeline – Pipeline about 233 MWp; Pavia cluster 30 MWp
On 8 December 2025 Zenith completed UK and Norwegian private placements, raising about £3.66m at a 10% discount. Proceeds go to the Italian uranium permits, Puglia solar construction, ICSID arbitration legal fees and working capital. The CEO acknowledges painful dilution and does not expect further equity issuance for existing activities before June 2026.
- Size
- approx. £3,658,500 (NOK 49,034,000); 100,892,105 new common shares including broker shares
- Norwegian tranche
- 84,157,162 shares at NOK 0.4662; approx. NOK 41.5m (£3.1m)
- UK tranche
- 13,513,514 shares at £0.0333; approx. £450,000
- Discount
- 10% to the 5 December 2025 closing price/bid in both tranches
- Broker shares
- 3,221,429 shares in lieu of cash, approx. £112,500 (NOK 1.5m)
- Use of money
- Uranium permits, Puglia solar construction, ICSID legal fees, working capital
- 8 Dec 2025 Completed; UK shares admit around 16 December
Closed · 2
Company filings. Not investment advice.