Terraoil Swiss AG is pleased to announce that Albania's National Agency of Natural Resources ("AKBN") and state-run Albpetrol have approved the work plan proposed for the development of the Company's operations at the Visoka oilfield in Albania. Present at the Advisory Committee meeting were representatives from the Company, Albpetrol and the AKBN. During the meeting, the Company presented an overview of its operational activities for the years 2019 and 2020, the Revised Master Development Plan 2019 - 2036 ("RMDP") and the Work Plan and Budget for 2021 ("WPB").
Both the RMDP and the WPB involve scaled back programs from previous plans, further strengthening the focus on cost savings across all activities and increase the Company's flexibility in its capital programs. The Company may elect to expand the RMDP at a later date, when funding is expected to be readily available, and the impact of currently scheduled activities is assessed. The Company welcomes the approval of the WPB as it improves the short-term resilience of the Company, especially in this critical time driven by the pandemic.