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Pennine Petroleum Corporation

TSXV Exchange | Oct 23, 2019, 10:44 PM EDT | Real-time price

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Pennine holds discussions with suppliers and contractors in preparation for drilling in Albania’s Velca Block

CALGARY, Alberta, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Pennine Petroleum Corporation (TSX-Venture:PNN) (“Pennine” or the “Corporation”) has been moving rapidly over the past month to establish a drilling bid framework for its earning well No. 1 in Albania’s Velca Block.

Carey Chilliak, who was appointed Pennine’s Vice President of Operations, Albania on Jan. 3, 2018, has created a tender process that aligns with terms of the Velca Block Production Sharing Agreement (“PSA”), and provides abundant transparency to satisfy local audits.

Mr. Chilliak is well known among local and European suppliers and contractors, and has been engaging in preliminary discussions with reputable drilling equipment suppliers—particularly drilling rig contractors and well service providers.

“Carey has wisely used his four years’ drilling experience in Albania to create a pool of eligible service and supply companies who’ll be invited to tender bids,” says N. Desmond Smith, Chief Executive Officer of Pennine.

“We expect that Carey’s understanding of the Albanian oil and gas market, as well as import and export procedures and technical knowledge, will provide a smooth integration of imported equipment and services augmenting the local Albanian capabilities as we move quickly toward drilling in the Velca Block,” adds Mr. Smith.

Since receiving final approval from Albania’s newly formed Council of Ministers for the Velca Block PSA in late November 2017, Pennine’s geophysical team has been poring over geotechnical data to select a drill target.

Meanwhile, the six-person Velca Block PSA advisory committee—led by chairman Kastriot Bejtaj, formerly head of hydrocarbons with Albania’s National Agency of Natural Resources (AKBN) and former Albanian general manager for Petromanas Energy Inc.—has been working as a team to advance this joint venture between Pennine and Albpetrol Sh.A, the national oil company of Albania.

For more Pennine news, including the Corporation’s Albanian activities, visit PNN’s Padyirt blog channel (https://penninepetroleum.ca/paydirt-blog/).

About Pennine Petroleum Corporation: Pennine Petroleum Corporation (TSX-V:PNN), headquartered in Calgary, Canada, is an emerging oil and gas exploration and development company (www.penninepetroleum.ca) focused on extraction and production in eastern and southeastern Europe—including the Republic of Albania, where PNN has successfully negotiated the rights to the Velca Block.

For further information, contact:

Pennine Petroleum Corporation
N. Desmond Smith
T: 403.277.4421
F: 403.277.4439
E: des.smith@penninecorp.com

Dean Stuart
T: 403.617.7609
E: dean@boardmarker.net

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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