Terraoil Swiss ("the Company") has its head office in Switzerland and is the licence holder under a Production Sharing Agreement for the Visoka oil field in Albania.
Terraoil Swiss has a 100% stake in the Visoka field; the group's Albanian subsidiary is the operator.
Licence term of 25 years from 2012 to 2037 (extendable thereafter for additional five year terms).
Visoka has a 2P recoverable reserve volume of 65.3 mmbbl (GCA Q1/2014).
Current production is approximately 300 bopd, while mid-case management forecast scenario anticipates production of roughly 13,000 bopd being reached over the next few years.
Resource estimates are based on the primary oil recovery methods. Secondary recovery methods are being tested which could improve recovery factors.
Primary recovery is planned through the anticipated development of the Company's assets through drilling up to 187 horizontal wells across all fields.
Heads of Terms for three additional oil fields (Cakran, Gorisht, Amonicë) were signed in June 2018. Operational takeover of the new Albanian production portfolio in late 2021/ early 2022 is expected to provide additional returns to shareholders.
Additional business development opportunities are under assessment. Specifically, additional assets in Albania, Balkans and abroad are currently under review. The further strategic focus lies on:
• Producing and acquiring prospective oil and gas fields in Albania
• Producing and acquiring prospective oil and gas fields assets with existing or near-term production in other markets
• International Oil Trading Activities
Minority shareholders 37.2%
approx. 470 registered shareholders
with less than 5% each
CEO, Member of the Board of Directors and a major shareholder
Administrator Petroleum Operations,
Member of the Board of Directors and a major shareholder