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Terraoil Announces Results of Albanian Government Audit
Albanian Government audit confirms cost eligibility for 2019 operations

Zug, Switzerland, April 11, 2022 - Terraoil Swiss AG, an energy company with a strong focus on the Mediterranean is pleased to announce that it has received the final audit report for its activities at the Visoka oil field during 2019 in Albania from the National Agency of Natural Resources ("AKBN") which represents the Government of Albania in its relations with contractors under Production Sharing Agreements.

The audit is conducted each year by the AKBN to confirm the revenue, royalties paid, and the eligibility of expenditures incurred to be utilized by the company for cost recovery purposes from oil sales. The audit confirmed total revenues, net of royalties of USD 3.5 million and total operating and capital costs of USD 5.9 million for 2019. The AKBN determined that USD 132,000 was not eligible for cost recovery.

Chief Executive Officer, Peter Krempin commented:
"Terraoil welcomes the completion of the audit which had been delayed by the AKBN due to the impacts of COVID-19. We expected good results for this audit and are pleased to confirm that only 2.3% of the expenditures incurred were deemed to be ineligible for cost recovery. From inception to the end of 2019, the audits have confirmed total expenditures exceeding USD 91 million and the company has a cost pool net of revenues and royalties totalling USD 54.9 million available to provide a tax shelter for future revenues from oil production. I would like to thank our team for their diligence in conducting operations in accordance with our agreements and the Government of Albania for their continuing cooperation."

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 energy company with a focus to identify and rapidly advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.

https://terraoil.swiss


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