United Terra Enterprises PLC Provides Operational Update

United Terra Enterprises PLC proposed work plan for Visoka approved by regulatory body (AKBN) and state-run Albpetrol.

Ruggell, Liechtenstein, April 16, 2024 – United Terra Enterprises PLC (together with Eurybia AG and its wholly owned Albanian subsidiary the “Group”) is pleased to announce that Albania’s National Agency of Natural Resources (“AKBN”) and state-run Albpetrol have approved the Work Plan and Budget for 2024 (“WPB”) proposed for the development of the Group’s operations at the Visoka oilfield in Albania. The main focus of the WPB is production optimization of selected wells through the installation of downhole and surface equipment and chemical stimulation to enhance productivity. Equipment for the commencement of the WPB has been ordered and received at the Group’s facilities in Albania and the initial wells are being prepared for the necessary upgrades.

Present at the Advisory Committee meeting were representatives from the Group, Albpetrol, AKBN and the Ministry of Infrastructure and Energy. During the meeting, the Group presented an overview of its operational activities for the WPB. 

Peter Krempin, CEO, commented: “The approval of our WPB for 2024 is an important step in moving the Group forward. We expect the steps to be taken during 2024 to provide the foundation for future production growth. We would like to thank AKBN, Albpetrol and the Ministry of Infrastructure and Energy for their continued cooperation in advancing the project.”