TERRAOIL SWISS AG EQS-News: TERRAOIL SWISS AG: Terraoil Responds to Media Coverage

Transparency directive : regulatory news

01/11/2021 07:00

EQS Group-News: TERRAOIL SWISS AG / Key word(s): Statement
TERRAOIL SWISS AG: Terraoil Responds to Media Coverage

01.11.2021 / 07:00

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Terraoil Responds to Media Coverage
Terraoil Provides Comments on Negative Press Reports

Zug, Switzerland, Nov. 1, 2021 - Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today provides a response to allegations in recent television coverage.
In response to recent media coverage that implies that investor funds provided to Terraoil have disappeared into an opaque web of companies in Albania for misappropriation, the board and management of Terraoil make the following clarifications.

The linkage between payments in and payments out to Albania that were in the news broadcast is simply a restatement of a key reason for the existence of the Swiss Company. Money has to flow from Switzerland to Albania to fund the development plan and provide long term returns to investors. The Company is subjected to audits of its financial statements in both Switzerland and Albania by top tier global audit firms. Additionally, the Albanian subsidiary undergoes extensive audits by the Albanian government of all of its revenue and expenses under the petroleum sharing agreement. Audits by the Albanian government up to the end of 2018 confirmed that Terraoil had incurred a total of USD 85.6 million of costs up to that date including capital and operating costs from the commencement of operations at Visoka. The audit also confirmed income from oil sales over the period of USD 30.5 million. This also refutes allegations by the press that the Company does not produce oil. Audited financial statements of the Company are also published on our website. The 2019 audit by the Albanian government agency is in progress and is expected soon.

Chief Executive Officer, Peter Krempin commented:
"The oil industry is capital intensive and requires continuous investment to produce results. The past few years have been difficult for many oil companies following the price collapse at the end of 2014 which was compounded by COVID in 2020. Terraoil was no exception. The outlook is strengthening due to demand recovery and reduced supply and, with continued investment, we are confident that Terraoil can execute its field development plan and become a profitable company."

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

Language:	English
Company:	TERRAOIL SWISS AG
	Industriestrasse 47
	6300 Zug
	Switzerland
Phone:	+41 71 544 01 20
Fax:	+41 71 535 59 08
E-mail:	info@terraoil.swiss
Internet:	terraoil.swiss
ISIN:	CH0369663445
Valor:	36966344
EQS News ID:	1244974


End of News	EQS Group News Service

1244974 01.11.2021

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26/07/2023 09:34

TERRAOIL SWISS AG EQS-News: TERRAOIL SWISS AG: Terraoil Responds to Media Coverage

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