PNN has advanced Albanian concession considerably from a technical perspective
Pennine Petroleum Corporation (TSX-V: PNN) is working hard to secure investors as it moves toward drilling activities in Albania’s Velca Block, says CEO N. Desmond Smith.
Mr. Smith and London-based Pennine director Jon Harris returned from Tirana last week after offering Velca Block status updates to Albanian government officials, and continue to keep their sleeves rolled up on the investment front.
“We have a number of active irons in the fire,” says Mr. Smith. “Investment has been a bit of a challenge, but we have four potential participant groups we continue to work with to make this happen.”
Those four leads include:
A group of Eastern European investors, who are encouraging oilfield service and supply companies to participate in a private placement;
High-net-worth individuals in London, via a broker, who are actively interested in investing dollars outside of the U.K.;
A financial institution in France, which has expressed interest in a convertible debenture arrangement; and
Joint Venture partnering with existing U.K. and European firms with a desire to enter the Albanian/Mediterranean basins.
The Velca Block concession, containing the Ramica anticline, is a reservoir with a best-case inferred recoverable resource of 26.4 million barrels of oil. It lies along the so-called String of Pearls fault lines, a parallel set of fault-controlled reservoirs, from which much of Albania’s oil production is generated.
To date, Pennine has advanced the Velca Block project forward considerably from a technical perspective, spending about US$250,000 on the acquisition and reinterpretation of seismic data.
“There are administrative milestones that need to be addressed regarding the Velca Block; we’ve been very busy in our dealings with these four potential investor groups, and we expect to address those milestones in very short order,” says Mr. Smith.