Pennine Petroleum Corporation announced that it has received a first draft of a production sharing agreement from licensee Albpetrol Sh. A for onshore petroleum exploration development and production in the Block Velca region of Albania. Block Velca covering an area of 153,215 acres (239 square miles or 620 square kilometers) is located 10 km southeast of the city of Vlore in southern Albania.
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- Pennine Petroleum Corporation Begins Work on Production Sharing Agreement for Albanias Block Velca Territory