Industry sources indicated in mid-November 2018 that a farm-out agreement for the Velca exploration permit between Pennine Petroleum and a yet to be disclosed company remains to be formalized. It is understood that Pennine Petroleum is facing contractual challenges with the authorities. The company opened a virtual data room in August 2018 to attract partners ahead of the drilling of an exploratory well on the Ramica prospect.   Pennine Petroleum was awarded the 310-sq Velca block, located 10 km southeast of the coastal city of Vlora, on 5 December 2017 for six years. The Ramica prospect is one of the two main highs of a closed structure at the top of the Eocene to Cretaceous pelagic carbonates of the Ionian Zone. 2P prospective resource for the 7.75-sq km structure were estimated at 26.4 MMbbl of oil in May 2017 by Apex Energy Consultants. Reservoirs are expected at depths between 2,200 m and 3,400 m, with a gross pay estimated between 450 m and 750 m.  Working interest in the Velca permit is shared between Pennine Petroleum Corp (90% - operator) and Alpetrol Sh.A (10%).
Albania, Velca