Stream O&G announced that the Ministry of Economy, Trade and Energy of Albania has given its official and final approval for the execution of the Plans of Development for the Ballsh-Hekal, Cakran-Mollaj and Gorisht-Kocul oil fields.
"This is great news for our Company as it supports the positive growth accomplished over the past few months and gives confidence to our team to continue with the execution of our goals and strategy for the benefit of our shareholders," said Dr. Sotirios Kapotas, President and CEO.
The Plans of Development define the work and expenditures over the duration of the License period (25 years + multiple 5 year extensions) giving the company the right to extensively develop these assets with conventional and enhanced oil recovery mechanisms.
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