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EQS Group-News: TERRAOIL SWISS AG
/ Key word(s): Legal Matter
21.10.2021 / 15:51
NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE UNITED KINGDOM, THE EUROPEAN ECONOMIC AREA OR IN ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD NOT BE IN COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS
Albanian Key Legal Case
Administrative Court of Appeal Annuls Decisions of the Administrative Court of First Instance Vlorë in Key Case for Terraoil Swiss AG
Zug, Switzerland, Oct. 21, 2021 - Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today announced that the Administrative Court of Appeal in Tirana, Albania on 30.09.2021 has annulled two decisions of the Administrative Court of First Instance Vlorë which were preventing Terraoil Swiss from progressing the final negotiation and signing of the production sharing agreements for Cakran-Mollaj, Gorisht-Kocul and Amonice.
As previously announced by the Company, the heads of terms for these fields were executed with Albpetrol Sh.a. and the Ministry of Energy and Infrastructure (the "Defendants") in June, 2018. The Company had been prevented from finalizing the Production Sharing Agreements ("PSA's") due to a court case filed by unsuccessful bidders against the Defendants to declare the unsuccessful bidders as the winner of the bid and to allow them to negotiate PSA's with the Defendants.
The court case was delayed due to judiciary reforms and COVID-19 restrictions which had closed the courts for several months. Appeals from the plaintiffs also delayed the timely closure of this case. The decision reached by the Administrative Court of Appeal to overturn the previous rulings of the Administrative Court Vlorë and move the case for retrial to the Tirana Administrative Court of First Instance cancels the rulings which were preventing the Company from finalizing the PSA's. A thirty-day appeal period applies to this ruling. The Company will provide an update as soon as information is available.
The ruling can be found at the following link: http://www.gjykataadministrativeeapelit.al/detajeteceshtjes1.php/?id=%2034109
Chief Executive Officer, Peter Krempin commented:
"We are happy that these rulings were overturned and the case has been sent to the Tirana courts where we expect a quick conclusion to this issue which has delayed Terraoil from executing our business plan. Our team's credibility has been called into question due to these delays that were beyond our control. Improved transparency in the Albanian court system has resulted in the publication of the ruling on the internet and shows that this case has prevented us from finalizing the PSA's. We believe the ruling will allow us to negotiate the final terms and execute the PSA's while the final decision of the Tirana Administrative Court of First Instance progresses. Operations of the three new oilfields are expected to be taken over shortly after the PSA's are executed."
If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email investors@terraoil.swiss or by telephone at +41 71 544 01 20.
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. https://terraoil.swiss
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 is available electronically and free of charge under https://terraoil.swiss/prospectus. The shares described in the prospectus will publicly be 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.
End of Media Release
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