NEWS
Terraoil Announces Initial Production Test Results Since Resuming Drilling Operations on Visoka Block
Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, is pleased to announce that it has promising initial production test results from its first vertical well drilled since resuming drilling operations in April 2021. The G14-b vertical well in Visoka (100% working interest) targeted the limestone formation. The well was drilled and cased to a depth of 1215 meters and completed with an open hole by drilling out to a total depth of 1265 meters. The results show a 100% oil production with 0% of water cut and strong pressure support from the reservoir with pressure at 141 bar. The well is continuing to be optimized.

Terraoil has produced approximately 1.3 million Barrels of Oil from the Visoka field since 2012. In the business year 2020, after implementation of a cost cutting program, production from the Visoka field was approximately 103,000 Barrels of Oil.

27
July 2021
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We are extremely relieved with this decision as it proves that the communication we have received over the years from various tax authorities and auditors, has been correct and there was no misconduct from the Company's side.

The coronavirus crisis has injected real urgency into our work as management team and the strength of our recovery will depend crucially on how well we can access the investment opportunities and market financing we need. Moreover, the investigation obviously has taken a big toll on our Company and our employees; hence we are most pleased that we can now fully focus on the future to make our business more sustainable, digital, inclusive, and resilient. We also look forward to a final decision of the Albanian courts by year-end so finally paving the way for completion of the PSA's with Albpetrol, taking over the operations of Cakran, Gorisht and Amonice following our successful bid for these oilfields in 2018.

Chief Executive Officer
Peter Krempin
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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