EU & WBs / Albania Energy Investment Updates

EU & WBs / Albania Energy Investment Updates

Presentation of Albanian Centre for Energy Regulation and Conservation - ACERC

ACERC is a think tank centre with focus on the Albania energy market and its integration in the regional IEM. The Acerc mission base on the in-depth knowledge of EU and regional energy law and policy and strives to provide a qualified contribution to the promotion of the liberalization and effective integration as well as efficient use of energy resources.

main activities briefly consists in build-up collaborations and supports to market players in study researches such as the certificate reports, articles and periodicals. The transfer of high expertise through building-up institutional capacities by national and regional training courses, seminars and conferences. The institutional representation and integration within framework of the forum of Albanian School of Regulation.

For more visit us at the Official Website of Acerc | Albanian Energy Market - AEM Group in LinkedIn

Petromanas receives notification of successful bid on Block 4 onshore Albania

AEI Updates August 2015Posted by Adv. Lorenc Gordani, PhD Fri, August 07, 2015 09:03:01
CALGARY, Aug. 6, 2015 - Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) is pleased to announce that the Albanian National Agency of Natural Resources ("AKBN") has advised that the Company, together with its joint venture partner Royal Dutch Shell, is the successful bidder for Block 4, onshore Albania, following an international auction. Block 4, which spans approximately 560,000 gross acres (874 sq miles), is located southeast of the Company's current Production Sharing Contract ("PSC") comprising Blocks 2-3.

"Block 4 was the clear focus of our bidding activity as it is on-trend with Shpirag, the location of the Company's oil discovery, and Molisht on Blocks 2-3," said Mr. Glenn McNamara, CEO of Petromanas. "We view our successful bid as a confirmation of the joint venture's commitment to oil exploration in Albania."

The award is conditional and subject to finalizing detailed negotiations with the Ministry of Energy and the AKBN for the main terms and conditions of the petroleum agreement and necessary government approvals. The application for Block 4 reflects joint venture interests of 25% for Petromanas and 75% for Royal Dutch Shell, who will also operate. The conclusion of a definitive PSC is also subject to the approval of Petromanas and its joint venture partner.

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