May 28
(Last Trade / Eastern Time)

Pennine making steady progress toward securing Albanian exploration concession


Dec. 6, 2016

Liberation Day is one of the most important holidays on the Albanian calendar.

Pennine Petroleum Corporation directors were in the country last week during Liberation Day festivities—and came away with their own sense of optimism.

Pennine Chairman Richard Wadsworth and CEO N. Desmond Smith visited the Albanian capital of Tirana, discussing the Production Sharing Agreement (PSA) for the Velca Block with the Executive Director and the Technical Director of the National Agency of Natural Resources (AKBN) under the Republic of Albania’s Ministry of Energy of Industry.

“All parties have expressed their optimism on concluding the necessary agreements,” says Mr. Smith. “A further technical discussion on available seismic and well bore information confirmed that with reprocessing of current data, there was a high likelihood that we could define a drill target in the future months.”

In November 2015, Pennine emerged as the successful bidder to negotiate a PSA for the Velca Block from Albpetrol Sh. A., the licensee and the national oil company of Albania. Pennine received the first draft of a PSA in December 2015, and established the main terms and conditions of the PSA in February 2016.

“By demonstrating our resolve, full transparency and an understanding of Albanian culture, we hope to create success for everyone involved—not just Pennine, but the Republic of Albania and its people,” says Mr. Wadsworth.

A compliant disclosure document (NI 51-101 report) will be compiled from previous Albanian and international activities, and tailored to today's pricing and operating regimes, once the PSA is finalized.

(TOP PHOTO: Pennine Chairman Richard Wadsworth, left, and Pennine CEO N. Desmond Smith, right, with the AKBN's executive director in Tirana last week.)