NEWS
Albanian Key Legal Case

Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today announced that the Administrative Court of Appeal in Tirana, Albania on 30.09.2021 has annulled two decisions of the Administrative Court of First Instance Vlorë which were preventing Terraoil Swiss from progressing the final negotiation and signing of the production sharing agreements for Cakran-Mollaj, Gorisht-Kocul and Amonice.

As previously announced by the Company, the heads of terms for these fields were executed with Albpetrol Sh.a. and the Ministry of Energy and Infrastructure (the "Defendants") in June, 2018. The Company had been prevented from finalizing the Production Sharing Agreements ("PSA's") due to a court case filed by unsuccessful bidders against the Defendants to declare the unsuccessful bidders as the winner of the bid and to allow them to negotiate PSA's with the Defendants.

The court case was delayed due to judiciary reforms and COVID-19 restrictions which had closed the courts for several months. Appeals from the plaintiffs also delayed the timely closure of this case. The decision reached by the Administrative Court of Appeal to overturn the previous rulings of the Administrative Court Vlorë and move the case for retrial to the Tirana Administrative Court of First Instance cancels the rulings which were preventing the Company from finalizing the PSA's. A thirty-day appeal period applies to this ruling. The Company will provide an update as soon as information is available.

The ruling can be found here.

21
October 2021
Peter Krempin
Chief Executive Officer
We are happy that these rulings were overturned and the case has been sent to the Tirana courts where we expect a quick conclusion to this issue which has delayed Terraoil from executing our business plan. Our team's credibility has been called into question due to these delays that were beyond our control. Improved transparency in the Albanian court system has resulted in the publication of the ruling on the internet and shows that this case has prevented us from finalizing the PSA's. We believe the ruling will allow us to negotiate the final terms and execute the PSA's while the final decision of the Tirana Administrative Court of First Instance progresses. Operations of the three new oilfields are expected to be taken over shortly after the PSA's are executed.
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If you are an Terraoil shareholder and would like additional information, please contact
Peter Krempin, CEO
T: +41 71 544 01 20
investors@terraoil.swiss
About Terraoil Swiss AG
Terraoil is an international E&P company with a focus to identify and rapidly advance undeveloped transformational production potential through state-of-the-art technology with comparably low production cost.
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