NEWS

Terraoil Announces Continuation of Drilling Operations on Visoka Block

Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today announced the commencement of drilling operations on the Visoka block, onshore Albania. The Company drilled the first well to a target depth of 1265 meters and is conducting initial production tests. The well was drilled by Albdrilling, an Albanian company considered to be a leader in its services and engineering expertise using modern drilling rigs.

11

May
2021

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Spudding our first well in Albania since the collapse of oil prices represents an important turning point for the Company as it resets the execution of our field development plan for Visoka. At the same time, we continue to work on the recovery of production levels, while simultaneously assessing new drilling plans and the maintenance and enhancement programs for existing wells.

Chief Operating Officer

Bayne Assmus

Peter Krempin

Chief Executive Officer

After a challenging 2020, oil and gas demand recovery – supported by vaccination efforts and global supply cuts – is beginning to turn the oil and gas industry worldwide. In 2022 our onshore drilling activities are set to increase with the anticipated takeover of the three additional onshore producing oil fields. We believe such a healthy recovery will propel our operational activities beyond pre-pandemic levels during the next two to three years.

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Peter Krempin, CEO
T: +41 71 544 01 20
investors@terraoil.swiss

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.

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.