May 28
(Last Trade / Eastern Time)

Experienced Pennine leadership dialled in on Albania's allure


By N. Desmond Smith, Chief Financial Officer

Feb. 23, 2016 

Pennine Petroleum Corporation is heading for a new frontier. At the same time, for many members of our company’s leadership, it’s familiar territory.

With main terms and conditions now signed on a production sharing agreement in the Velca Block of Albania, in southeastern Europe, we’re dedicating the majority of Pennine’s time and resources to developing our international assets.

We’re confident in striking out on this European path—because we’ve assembled a very strong and experienced management team that can leverage time-tested, hard-won experience in the region.

Pennine’s Chief Executive Officer John Garden, a drilling and completions engineer who worked in the Albanian oilpatch, introduced Pennine to Albania in late 2014. Personally, I am an exploration and development geologist with international contract experience in the nearby Crimea and Azerbaijan. Together, our combined expertise resulted in Pennine emerging in December 2015 as the successful bidder for the Velca Block.

Significantly Pennine’s leadership roster also recently benefited from the arrival of independent director Richard Wadsworth, the co-founder of Bankers Petroleum Ltd., whose background as a reservoir engineer complements the expertise of director Jeff Saxinger, a facilities engineer.

Technically speaking, Pennine has an experienced team with touchpoints in exploration and exploitation geology, vertical and horizontal drilling, well completion, exploiting production of hydrocarbons, facility design, operation and maintenance of surface collection, and cleaning and transmission of product. Additionally, our team is very experienced in regulatory, financial and board management.

Thanks to work performed by international firms in Albania since 1999, the country has a well-developed service and supply industry designed to exploit its hydrocarbon assets.

Velca Block is situated near the port facility of Vlore, where product beyond the scope of domestic refining capability can be shipped to five different refineries in the immediate vicinity. Albania, awarded candidate status in the European Union, also has modern equipment depots that include all the machinery, materials and personnel that the Pennine team will need to access and exploit our discoveries.

Stay tuned as Pennine charts a direct—and very rewarding—course for Albania.

(See the full Paydirt e-newsletter from Feb. 23, 2016.)