Exclusive: The Production Sharing Contract with Sky Petroleum Inc. is terminated. Block 4, 5 and Dumre are free!

From confidential sources, the Production Sharing Contract for the exploration, development and production of petroleum in onshore Albania blocks “4, 5 and Dumre” with the Texas company Sky Petroleum Inc. is terminated due to non fulfillment of the following obligations:
1. Within three (3) months after the Effective Date, the Company should have been commenced the performance of the Minimum Work Program;
2. Within ninety (90) days after the Effective Date, the Company should have been executed and delivered to AKBN, the Bank Guarantee;
3. The Company should have been registered an office in Albania in order to receive valid notice from AKBN;
4. Within 30 days from the Effective Date should have been appointed the Company’s members in the Exploration Advisory Committee.
Sky Petroleum has been notified by AKBN, that starting from 19.11.2011 the Albania blocks “4, 5 and Dumre” are considered as free.

energjia.al, 26.11.2011