Update...finally
Soooooo...basically they're ready to go anywhere now. I don't a good sense of where this is all going but it looks like they are starting to shake all the tress now - so it must be go time soon. I'd add if I had anymore cash left...but...I jumped too soon into these penny stocks and it's defnitely turned into a test of ones patience! Hoping it will pay off nicely in the end.
Cheers.
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Mr. Robert Lambert reports
PETRA PETROLEUM INC. PROVIDES AN UPDATE ON IMPLEMENTATION OF ITS STRATEGY
Petra Petroleum Inc. is providing a progress update on the implementation of its strategy.
The corporation's core business strategy is to acquire, explore and develop oil and gas properties principally in the Mediterranean, North Africa and the Middle East regions, and, to date, the corporation has executed various early phases of this plan, including assessing a number of properties and licences for potential acquisition.
To date, the corporation has submitted applications for several exploration permits offshore Spain, four exploration licences in the Cyprus second offshore licensing round and a joint application for an onshore exploration licence in Greece.
Currently, two of the licences applied for by the corporation in Cyprus have been awarded to Total, with the other two applications remaining under consideration by the Cypriot authorities. In Spain, licence award decisions have not yet been made, though the company is aware that the area has also attracted attention from a number of major companies. The corporation's joint application with Energean Oil & Gas in Greece remains under consideration.
To complement its high-impact exploration strategy in the Mediterranean area, the corporation is also currently actively seeking to acquire production or near-term development assets and evaluating a number of opportunities in the United Kingdom North Sea and Western Canada. In addition, the corporation has expanded its exploration focus area and is now considering opportunities in East Africa, West Africa and the Middle East.
President and chief executive officer, Robert Lambert, commented: "We believe that we are close to receiving some decisions on licence awards in the Mediterranean region. In addition, we have been active in evaluating a number of production and development assets in the United Kingdom and Western Canada, as well as some interesting exploration ventures in Africa and the Middle East. We are hopeful of being able to announce the corporation's first licence or property acquisition in the near future."