United Terra Enterprises PLC
TERRAOIL SWISS AG: Terraoil Announces Results of Albanian Government Audit
TERRAOIL SWISS AG
/ Key word(s): Regulatory Approval
NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE UNITED KINGDOM, THE EUROPEAN ECONOMIC AREA OR IN ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD NOT BE IN COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS Terraoil Announces Results of Albanian Government Audit Zug, Switzerland, April 11, 2022 – Terraoil Swiss AG, an energy company with a strong focus on the Mediterranean is pleased to announce that it has received the final audit report for its activities at the Visoka oil field during 2019 in Albania from the National Agency of Natural Resources (“AKBN”) which represents the Government of Albania in its relations with contractors under Production Sharing Agreements. The audit is conducted each year by the AKBN to confirm the revenue, royalties paid, and the eligibility of expenditures incurred to be utilized by the company for cost recovery purposes from oil sales. The audit confirmed total revenues, net of royalties of USD 3.5 million and total operating and capital costs of USD 5.9 million for 2019. The AKBN determined that USD 132,000 was not eligible for cost recovery. Chief Executive Officer, Peter Krempin commented: About Terraoil Swiss AG https://terraoil.swiss This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.
End of Media Release |
Language: | English |
Company: | TERRAOIL SWISS AG |
Industriestrasse 47 | |
6300 Zug | |
Switzerland | |
Phone: | +41 71 544 01 20 |
Fax: | +41 71 535 59 08 |
E-mail: | info@terraoil.swiss |
Internet: | terraoil.swiss |
ISIN: | CH0369663445 |
Valor: | 36966344 |
EQS News ID: | 1324449 |
End of News | EQS News Service |