PNN examining JV participation, London Stock Exchange raise to advance Albanian drilling activities
Pennine Petroleum Corporation has established a “virtual data room” for potential joint venture partners wishing to participate in Pennine’s Velca Block Production Sharing Agreement (PSA), a high-impact field extension initiative, in Albania.
“This virtual data room contains all the geological, geophysical and agreement materials for potential third parties to make a quick assessment around participation,” says N. Desmond Smith, Chief Executive Officer of Pennine (TSX-V: PNN).
“So far, we’ve issued five access permissions in the past week to interested parties canvassed by Pennine,” he adds, “and we’re also in the initial stages of addressing a Heads of Agreement for development of the Velca Block with one of these parties.”
Joint venture participation is one financing alternative being pursued by Pennine, in order to advance Velca Block drilling activities. Another is raising funds on the London Stock Exchange.
Nomads and brokers with the LSE are anxious to participate in Pennine’s plans through the initial prospectus offering process and listing, says Mr. Smith, either on the AIM Market or via an LSE Standard Listing.
“Given that our newest director Jon Harris and I have both taken projects to listing on AIM, we’re confident that the process would be expedited,” says Mr. Smith.
Pennine has a Production Sharing Agreement (PSA) for the 306-square-kilometer Velca Block with Albpetrol Sh.A, Albania’s national oil company.
According to Kastriot Bejtaj, renowned Albanian oil executive and current chairman of the Velca Block PSA advisory committee, “The Velca Block is considered by Albpetrol experts as a low-geological-risk asset at the optimal depth.”