CALGARY, ALBERTA (November 23, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the receipt of final approval of a Production Sharing Agreement (“PSA”) for research, development and production of hydrocarbons in Albania’s Velca Block.
This final approval from Albania’s newly formed Council of Ministers of the Republic of Albania means Pennine now has the rights to:
- withdraw available geotechnical data from Albania’s Ministry of Infrastructure and Energy (“MIE”) for the Velca Block;
- engage geophysical consultants to re-process that data; and
- integrate the data with previously collected geological information.