Terraoil Swiss AG: Terraoil Announces Positive Developments on New Oilfield

Albanian Energy Minister Directs State Oil Company to Negotiate Final Terms for Amonicë

STEINHAUSEN, SWITZERLAND - EQS Newswire - 25 July 2022 - Terraoil Swiss AG, an energy company with a strong focus on the Mediterranean is pleased to announce that the Company has received notification from the Albanian Government's Minister of Infrastructure and Energy that she has ordered Albpetrol, the state-owned oil company to negotiate the final terms of a Petroleum Agreement for the Amonicë oil field with Terraoil.

The Minister appointed a negotiation group to meet with Terraoil representatives and conclude the final terms of the Petroleum Agreement. Once the final terms are agreed and approved by both parties, the Petroleum Agreement will be sent to the Council of Ministers for final approval followed by the commencement of operations by Terraoil at Amonicë.

Chief Executive Officer, Peter Krempin commented:
"This is a very positive development for the expansion of our business in Albania. On completion of negotiations and conclusion of the necessary steps for the approval of the Petroleum Agreement, Amonicë will be the first of the three new fields for which the Heads of Agreement were agreed in June 2018 to be finally ratified and turned over to Terraoil. We are confident that the remaining two oil fields will be negotiated and approved in due course."

If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email investors@terraoil.swiss or by telephone at +41 71 544 01 20.


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About Terraoil Swiss AG

Terraoil is an international energy company with a focus to identify and rapidly advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.
https://terraoil.swiss

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