Terraoil Swiss AG provides business update via a Zoom-recorded interview. The executive leadership team of Terraoil provides several insights and updates on both, the company's challenges and progress following the Coronavirus outbreak:
In this interview, Chief Executive Officer, Peter Krempin, explains the attractiveness and potential of Albania's onshore reserves and shares his views on the oil and energy sector following the unprecedented price decline in Brent crude oil and why the pandemic provides interesting opportunities for investors. He further gives an update on the COVID-19 bank credit secured by the Swiss government and how the company has balanced short-term needs with the original goals and plans while trying to navigate both the impact of the oil price war and pandemic. He provides an update on the final execution of the production sharing agreements, the company's relationship with the Albanian government and how the judiciary reforms in Albania, as a potential EU member state, have impacted the company.
Chief Technology Officer, Peter Clutterbuck, shares his views on Albania as the Company's primary strategic focus, the opportunities it provides for Terraoil and explains the different risk profiles of mid-tier oil and gas companies and the super majors. Bayne Assmus, Terraoil's Chief Operating Officer, provides an update on the operations of the Visoka oilfield and future goals.
Chief Financial Officer, Bill Cummins, provides an overview on the Company's financial strategy, the impact of the pandemic on continuous financing efforts and the challenges faced by oil and gas companies in today's investment climate. He also provides an update on the company's financing strategy in the next 12 to 18 months including strategic partnerships and a possible listing on an international stock exchange.
We are pleased with the resilience of our company and the continuous efforts made by the team despite the impact of the COVID-19 pandemic on our initial corporate goals and objectives.
We continue to deliver regulatory progress, despite the pandemic causing a slow down in development of our existing operations, through the approval of the 2021 work program by Albania's National Agency of Natural Resources and Albpetrol. In addition, we remain focused on building on our solid foundations to deliver long-term growth.