Pennine Petroleum Corporation (TSX-V: PNN) was incorporated in 2001, and has been an operator of Canadian properties since that time.
In 2015, given the landlocked nature of the Canadian value of hydrocarbons, as well as the punitive nature of the domestic oil and gas regulatory regime, Pennine began looking for a new frontier of exploration and production.
These steps have included:
- 2015: Consideration of three tendered blocks in Albania for geological and geophysical exploration;
- December 2015: Being awarded exclusivity to negotiate for the Velca Block, in south-central Albania;
- January 2016: Appointing chairman Richard Wadsworth, who has a wealth of experience in Albanian industry, regulatory, and government affairs, to Pennine’s Board of Directors;
- February 2017: Signing a Production Sharing Agreement (PSA) with Albpetrol Sh.A, Albania’s national oil company, for Velca Block exploration and development;
- May 2017: Appointing Harry Sargeant IV, vice president of Global Oil Management Group Ltd. and affiliated with Ionian Refining & Trading Company Ltd., to Pennine’s Board of Directors;
- July 2017: Incorporating Pennine’s branch office in Tirana, Albania; and
- December 2017: Finalization of the Velca Block PSA, following final approval from Albania's newly formed Council of Ministers.
Pennine is now fully engaged in the promise of eastern and southeastern Europe, where netbacks based on Brent pricing are superior to the Canadian alternative.