Attended meeting-Albanian elections 25Jun
-first cabinet meeting was only early Oct
-only 3 cabinet meetings so far and cabinet approval isn’t at the top of their list
-although individual cabinet ministers have approved PNN Velca block to proceed
-the whole cabinet together must vote for approval ( which apparently is just a formality) and this should be in the near future.
-although the board has been prodding cabinet to put this on their agenda, they don’t want to be to pushy as not to upset the ministers
-the meeting was upbeat and BOD members were quite eager to get final cabinet approval and get going with the drilling.
-I came away quite positive , I am encouraged that the BOD are politely requesting that we are on the docket in the next few meetings to get final approval.
-there was a shareholder who was (I believe) also a geologist , that asked a few very technical questions about horizontal drilling and barrels of oil , but I didn’t understand him although the answers from the CEO (Des Smith) seemed to be very positive on the type and amount of oil in the ground( this oil is WTI quality) and doesn’t require the type of processing that was required for the Bankers Petroleum. The Geologist seemed very encouraged by Des’s answer.
Wadsworth was also there and he led the meeting.... seemed knowledgeable and positive.