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Nov 23, 2017 19:07 EEST
November 23 (SeeNews) - Canada-based Pennine Petroleum Corporation said on Thursday it has received the final approval of Albania’s government for research, development and production of hydrocarbons in the Velca Block.
The final approval of the production sharing agreement (PSA) for the Velca Block means that Pennine now has the rights to withdraw available geotechnical data from Albania’s infrastructure and energy ministry for the block, engage geophysical consultants to re-process it and integrate the data with previously collected geological information, Pennine said in a statement.
Pennine was selected the winner of a tender for onshore petroleum exploration, development and production in the Velca Block at the beginning of December 2015. In February 2016, the company signed the main terms and conditions of a PSA for the Velca Block with licensee Albpetrol, according to which it acquired a 90% working interest.
The PSA envisages an exploration phase and a drilling phase. Drilling locations will be selected after the re-interpretation of existing seismic data. The drilling phase will be four years, in which the company is obliged to drill at least two wells to a depth of 2,500 meters or more.
Pennine Petroleum is headquartered in Calgary. It is currently active in Albania and the Canadian provinces of Alberta and Saskatchewan.
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