Pennine Petroleum Signs Velca Block PSA

Albania and Canada focused Pennine Petroleum Corporation has signed a Production Sharing Agreement (PSA) with Albpetrol Sh.A for the exploration and development of the Velca Block in Albania.

The finalized PSA contains a license agreement signed by Pennine, Albania’s Ministry of Energy and Industry, and Albpetrol, the country’s state-owned energy firm, for a six year exploratory lease -convertible to a 25-year production lease upon discovery of oil and/or natural gas accumulations.

Under the exploration phase of the PSA, Pennine and Albpetrol will conduct an examination of all currently existing geological, geophysical and well data on the Velca Block, and conduct any processing or re-processing of data to select drilling targets.

The Drilling Phase will consist of a commitment to drill a minimum of two wells, to a minimum depth of 8,202 feet.

“This is a very exciting day for Pennine. Albania has a long history of oil and gas development dating back nearly a century, and Pennine is excited to bring its expertise to this region,” Pennine Chief Executive Officer N. Desmond Smith said.

“Albania has mature energy infrastructure, established legislation and regulations, and a recent history of significant foreign investment for the development of its energy sector,” he added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  The Trick to Nailing Your Electrical E... (Aug 10)
 -  Jacobs Expands MSA for Chevron's US Re... (Aug 9)
 -  Common Interview Questions for Mechani... (Aug 8)
 -  Fluor Wins Malaysia Isononanol Plant C... (Aug 7)
 -  Writing a Mechanical Engineering Cover... (Aug 4)


Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Advisor
Expertise: Contracts Administration
Location: Hanover, MD
 
equipment operator
Expertise: Civil Engineering|Field Service Tech|Rig Instrument Tech
Location: Akron, 
 
equipment operator
Expertise: Civil Engineering|Field Service Tech|Rig Instrument Tech
Location: Akron, 
 
search for more jobs

Brent Crude Oil : $50.8/BBL 0.13%
Light Crude Oil : $47.55/BBL 0.08%
Natural Gas : $2.94/MMBtu 0.67%
Updated in last 24 hours