We are pleased to deliver the bank guarantee to AKBN
," stated Karim Jobanputra, Sky Petroleum's chief executive officer.
The Petroleum Agreement stipulates that the Company annually submit to AKBN
a work program which includes the nature and the amount of capital expenditures to be incurred in that year.
which has the full rights to evaluate and redevelop the Kucova heavy oilfield pursuant to a Petroleum Agreement with Albpetrol and a License Agreement with AKBN
The Company annually submits a work program to AKBN
which includes the nature and the amount of capital expenditures to be incurred during that year.
The terms of the agreement were approved by Albpetrol and AKBN
, and were ratified by the Council of Ministers on November 2, 2014.
We are in the process of outlining our operational plan, which will be submitted to AKBN
Executive Chairman, Oisin Fanning commented:"This Amendment is very important and we wish to express our gratitude to the Minister, Deputy Minister, AKBN
, the Ministry of Economy, Trade and Energy, and indeed, all the other state authorities from which we have received full co-operation.
The Note proceeds will be primarily used for the development of the Production Sharing Contract ("PSC") with respect to the three exploration blocks, Four, Five and Dumre and to pay certain fees, expenses and obligations in connection with the arbitration related to the dispute with the Ministry of Economy, Trade, and Energy of Albania, acting by and through AKBN
regarding the Company's PSC.