The Council of Ministers has ratified the Feb â17 PSA between Pennine Petroleum and Albpetrol for the 310-sq km Velca licence in S. Albania, offered in a 2015 tender call. The contract will become effective upon gazettal.Â  The block contains the Amonica oilfield, however, it is not clear whether this has been carved-out. Commitments include 2 explo wells to 2,500m. Pennine (op) 90%, Alpetrol 10%.  
Albania (Ionian Zone) (It's a petroleum rights. Please summarize by yourself). In IHS database: Velca op. by PENNINE (90.0%, ALBPETROL 10.0%) to be check.