License situation in 2013 and 2014
The following petroleum agreements were in the production phase during 2013 and 2014:
All petroleum agreements for development and production of oil and gas, presented above, are administered by Albpetrol, in its capacity of primary licensee in the area. Accordingly, Albpetrol held a share of oil produced under these agreements. Up to the end of 2013, Albpetrol sub-licensed development and production activities for all existing oilfields.
In September 2014 Transatlantic Petroleum Ltd acquired operations of Stream Oil & Gas in Albania for an amount of USD 41.2 million (www.transatlanticpetroleum.com). MEI approved the transaction and allowed Transatlantic Petroleum to continue operation of the PSA awarded to earlier to Stream Oil and Gas.
The following petroleum agreements were in the exploration phase during 2013 and 2014:
Petromanas terminated the PSAs for blocks A, B, D and E in 2014. Pursuant to contract termination AKBN executed the guarantee held in the amount of EUR 6 million.
Almost all PSAs signed until the end of 2014, were awarded though ad-hoc negotiations. Main technical and financial terms negotiated are not disclosed for public access.