CALGARY, ALBERTA (February 22, 2018)—With a wide range of preparatory activities now in motion, Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) now anticipates a spudding date of early third quarter 2018 for its earning well No. 1 in Albania’s Velca Block.
Pennine expects to determine the exact drilling location in the Vela Block, located in south-central Albania, within six weeks, following a complete integration of geophysical and geological data, says the Corporation’s Chief Executive Officer N. Desmond Smith.
“We are making steady progress on a number of fronts in Albania,” says Mr. Smith. “Our geophysical team has retrieved all of the available data, and is reprocessing it to select an ideal drilling location. At the same time, our Albpetrol partners selected a location based on data collected in 2000, and we are using the most modern analysis techniques to examine that data and pinpoint a location.”