Pennine Petroleum is considering offers for part of its 90% stake in the Velca block. A virtual data room has been set up and early discussions have been held with a number of interested parties. Pennine intends to drill the Ramica NFW, the first well on the block. Velca covers 620 sq km in Vlore County, and has exploration potential in Dinaric Alps carbonate sub-thrust plays. The production sharing agreement (PSA) was formally awarded on 5 December 2017, for a six year exploration period that can be converted into a 25 year production lease. Exploration commitments are to reprocess and reinterpret existing seismic data, and drill two wells to 3,000m. Calgary-based Pennine has reviewed 250 km vintage 2D seismic and identified two prospects (Ramica and Amantia) on the Ramica Anticline, and estimates 26 MMBoe P50 prospective recoverable resources on the block with 43% CoS. Velca also encloses the Amonice oil field, which produces 120 bo/d from Palaeocene carbonates. Velca PSA partners are Pennine Petroleum Corporation (90% + Op) and Albpetrol (10%). Interested parties can contact: N. Desmond Smith (CEO), Tel: +4032774421, Email: <A HREF="mailto:des.smith@penninecorp.com">des.smith@penninecorp.com</A>
Pennine Petroleum is considering offers for part of its 90% stake in the Velca block. A virtual data room has been set up and early discussions have been held with a number of interested parties. 