NEWS
Terraoil Responds to Media Coverage
Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today provides a response to allegations in recent television coverage.

In response to recent media coverage that implies that investor funds provided to Terraoil have disappeared into an opaque web of companies in Albania for misappropriation, the board and management of Terraoil make the following clarifications.

The linkage between payments in and payments out to Albania that were in the news broadcast is simply a restatement of a key reason for the existence of the Swiss Company. Money has to flow from Switzerland to Albania to fund the development plan and provide long term returns to investors. The Company is subjected to audits of its financial statements in both Switzerland and Albania by top tier global audit firms. Additionally, the Albanian subsidiary undergoes extensive audits by the Albanian government of all of its revenue and expenses under the petroleum sharing agreement. Audits by the Albanian government up to the end of 2018 confirmed that Terraoil had incurred a total of USD 85.6 million of costs up to that date including capital and operating costs from the commencement of operations at Visoka. The audit also confirmed income from oil sales over the period of USD 30.5 million. This also refutes allegations by the press that the Company does not produce oil. Audited financial statements of the Company are also published on our website. The 2019 audit by the Albanian government agency is in progress and is expected soon.
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November 2021
Peter Krempin
Chief Executive Officer
The oil industry is capital intensive and requires continuous investment to produce results. The past few years have been difficult for many oil companies following the price collapse at the end of 2014 which was compounded by COVID in 2020. Terraoil was no exception. The outlook is strengthening due to demand recovery and reduced supply and, with continued investment, we are confident that Terraoil can execute its field development plan and become a profitable company.
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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.
Legal Notice
This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. Investors should base their decision to purchase shares of Terraoil Swiss AG exclusively on the official prospectus, which can be downloaded from the company's website. The shares described in the prospectus are publicly offered in Switzerland only. In addition, investors should seek advice from their bank or their financial adviser.

This media release and the information contained therein are not being issued in the United States of America, Australia, Canada, Japan, the United Kingdom or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.

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.