Under the terms of the production sharing contract (PSC) with AKBN, the bank guarantee was delivered in the form of a letter of credit issued by Texas Citizens Bank.
AKBN, which grants Sky Petroleum exclusive rights to three exploration blocks (block four, block five and block Dumre) in the Republic of Albania.
Additionally, Sky Petroleum and AKBN have entered into discussions including the initial work program.
Sky Petroleum has proposed a meeting of the Exploration Advisory Council to review the initial work program for the Concession Area.
