PAYDIRT BLOG FOR JULY 18, 2017https://secure.campaigner.com/CSB/public/ReadmoreContent.aspx?id=28436246&campaignid=21613903
Velca Block drilling is a high priority.
And yet, Pennine Petroleum Corporation may even see some production activity—in Albania, and possibly elsewhere—sooner than that.
Following a May 18 announcement of a CAD$2-million credit facility with Ionian Refining and Trading Company (IRTC), Pennine (TSX-V: PNN) is actively seeking and evaluating additional oil and gas production opportunities in Albania, in addition to its Velca Block concession.
Additionally, Pennine executives attended last month’s Global Petroleum Show, an industry-leading oil and gas exhibition in Calgary, Canada, holding discussions with other Balkan and eastern European country representatives to gauge their levels of absorbing Canadian expertise.
“We’ve already held discussions with a number of firms regarding joint venture opportunities in Albania,” says Pennine CEO N. Desmond Smith. “Our Velca Block concession is a greenfield project, but we may be able to seize on opportunities for wells already in production.
“Part of the credit facility agreement with IRTC was to facilitate exploring other producing Albanian fields that we’ve been looking at,” he adds. “We’re looking for the opportunity to assume operation of existing wells and modernize them, with a view to drilling a horizontal well in the short term.”
In other words, while Pennine is expecting to have Velca Block drill targets selected immediately following analysis of existing data, potential joint venture opportunities could mean earlier production activity, says Mr. Smith....