Pennine Petroleum Corporation expects to expand the development of its Vlore gas-oil exploration project.
Pennine announced that the Corporation will be undertaking a non-brokered financing to collect $1,500,000 for further financing of its Albania energy projects.
“We are very pleased and excited to continue the advancing of items related to the Velca Block in Albania,” says Pennine president and CEO John Garden. “The Velca Block provides the foundation to build an emerging energy firm in Albania, and will open up additional opportunities in developing the natural resource sector in this nation.”
Adds Mr. Garden: “Our team’s significant experience and expertise in Albania will contribute to the continued success of Pennine. We thank our shareholders and partners for their support and look forward to developments in the coming months.”
Velca Block is located 10 kilometres southeast of the port city of Vlore, in southern Albania, and covers an area of 153,215 acres (239 square miles, or 620 square km). The hydrocarbon reservoirs associated with the Velca Block are Ionian subthrust carbonates, similar in structure to reservoirs of the foothills of western Alberta.
On Dec 2, 2015, Pennine received notification from licensee Albpetrol Sh. A. (“Albpetrol”), the national oil company of Albania, that Pennine had been confirmed by the Republic of Albania’s Ministry of Energy and Industry as the successful bidder for the Velca Block.
On Jan. 11, 2016, the Corporation announced the appointment of Richard Wadsworth, P. Eng, to its board of directors. Mr. Wadsworth is the former president and director of Bankers Petroleum Ltd., when Bankers initiated activities in Albania.
On Feb. 17, 2016, the Corporation announced it had signed the main terms and conditions of a production sharing agreement for the Velca Block with Albpetrol.
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company currently active in Albania.
