Pennine ready to advance Velca Block activities after Albanian government gives PSA final approval

CALGARY, Alberta, Nov. 23, 2017 (GLOBE NEWSWIRE) — Pennine Petroleum Corporation (TSX-V:PNN) (“Pennine” or the “Corporation”) is pleased to announce the receipt of final approval of a Production Sharing Agreement (“PSA”) for research, development and production of hydrocarbons in Albania’s Velca Block.

This final approval from Albania’s newly formed Council of Ministers of the Republic of Albania means Pennine now has the rights to:

  • withdraw available geotechnical data from Albania’s Ministry of Infrastructure and Energy (“MIE”) for the Velca Block;
  • engage geophysical consultants to re-process that data; and
  • integrate the data with previously collected geological information.

Pennine has already shortlisted potential geophysical firms for these activities, and will select the preferred firm in short order. After re-processing and integration is complete, Pennine will select a drill target in the Velca Block.

“We’re excited that we’ve cleared this final hurdle with the Albanian government, and we’re eager to get moving on the Velca Block,” says Pennine CEO N. Desmond Smith. “We believe Albania holds great promise for hydrocarbon exploration and production, and we believe this venture will bring prosperity to our shareholders, as well as the Albanian people.”

In May 2017, Pennine released the results of an independent resource estimate that offered a “best-case” recoverable scenario of 26.4 million barrels of light crude for the Velca Block, and a net risked prospective resource for Pennine of 11.2 million barrels of oil, after payout and joint venture interests.

The report compares the potential of the Velca Block’s Ramica Anticline structure to established fields along the so-called “String of Pearls” faultline. It also cites existing seismic data provided by the Albanian National Agency for Natural Resources (AKBN), which shows an undrilled 7.75-square-kilometer closed structure at the top of the Ramica Anticline.

Authors of the independent report also said the structure “appears to have two separate highs (Ramica and Amantia), which may be connected if a hydrocarbon column similar to the other fields on trend is encountered.”

In February 2017, Pennine finalized terms of a Velca Block PSA with the Albanian government and Albpetrol Sh. A, the country’s state-owned energy firm, acquiring a 90% working interest. The PSA covers a six-year term, with potential conversion to a 25-year production lease upon discovery of one or more commercial oil or natural gas accumulations.

About Pennine Petroleum Corporation: Pennine Petroleum Corporation is an emerging oil and gas exploration and development company (www.penninecorp.com) currently active in Albania, and the Canadian provinces of Alberta and Saskatchewan.

For further information, contact:

Pennine Petroleum Corporation
N. Desmond Smith
T: 403.277.4421
F: 403.277.4439
E: des.smith@penninecorp.com

Dean Stuart
T: 403.617.7609
E: dean@boardmarker.net

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

$7.9 Billion Emergency Lighting Market 2017: Analysis and Forecast to 2023 – Introduction of Smart Lighting in Emergency Lighting

Logo

$7.9 Billion Emergency Lighting Market 2017: Analysis and Forecast to 2023 – Introduction of Smart Lighting in Emergency Lighting

PR Newswire

DUBLIN, November 23, 2017 /PRNewswire/ —

The “Emergency Lighting Market: Analysis and Forecast to 2023” report has been added to Research and Markets’ offering.

Research and Markets Logo

The author estimates that the size of global emergency lighting market is likely to grow from $4.5 billion in 2016 to reach $7.9 billion by 2023, at a CAGR of 7.9% during 2017 – 2023.

Booming urbanization gives birth to the inevitable need for solutions that make livelihood safe and secure. Emergency lighting is one such product whose demand is growing considerably, with the up ticking per capita income of the consumers globally. The rapid growth in construction projects can be cited as an instrumental factor for the growth of the market.

The study highlights that self-contained emergency lighting has been the largest and fastest growing category in the market. Based on battery used, LiFePO4 based emergency lighting is forecasted to grow at the highest rate. Among the various light sources, LED emergency lights are expected to display the strongest growth during the forecast period.

North America and Europe stands as the major markets in the emergency lighting industry, of which the former has been the key contributor to the global revenue. However, the emergency lighting market is expected to witness the fastest growth in developing regions, wherein Asia-Pacific seems to be the most prospective market. During the forecast period, the market in Latin America and Middle-East & Africa are also expected to grow at a considerable pace.

Technological advancement is necessary for the sustainability of any technology. The companies involved in manufacturing emergency lights are investing heavily in research & development to enhance the performance and life span of their smart emergency lighting products. This has been keeping the demand for emergency lighting products aloft. With the increasing adoption of emergency lighting in residential areas, the companies are focusing on increasing their portfolio dedicated to this sector. The providers are also focusing on developing smart emergency lighting, which would help in reducing carbon emission by 90%, while being energy efficient. These smart emergency lights will also be long lasting and can provide light for more than 90 minutes. In future, Organic LEDs (OLEDs), and the next generation LEDs will be used for various application areas, such as residential, commercial, industrial, railways and aircrafts.

The growing number of construction projects has been preparing a fertile ground for the market. Governments of various countries are focusing towards building world class infrastructure to attract investors in their respective countries. Many developed and developing nations have announced to develop smart cities, which would drive the demand for emergency lighting. In addition, the number of construction projects is also increasing due to increasing government support and rising urbanization across the globe. For instance, in India, the government has announced to develop 100 smart cities and 500 AMRUT cities, and extended support to light manufacturing companies to establish their manufacturing facilities across the country.

Market Dynamics

Trends

  • Increasing adoption of LEDs
  • Increasing adoption in aviation sector

Drivers

  • Growing number of construction projects
  • Technological advancement
  • Impact analysis of drivers on market forecast

Restraints

  • High capital investment and maintenance cost
  • Impact analysis of restraints on market forecast

Opportunities

  • Growing adoption of better safety standards
  • Introduction of smart lighting in emergency lighting

Some of the major players in the global emergency lighting market include:

  • Osram Licht AG
  • Hubbell Incorporated
  • Eaton Corporation Plc
  • Philips Lighting
  • Syska LED
  • Daisalux
  • S.A.U.
  • Zumtobel Group
  • Acuity Brands,Inc
  • Schneider Electric SE
  • Legrand SA.

Key Topics Covered:

1. Research Background

2. Research Methodology

3. Executive Summary

4. Introduction

5. Market Size and Forecast by Power System

6. Market Size and Forecast by Battery Type

7. Market Size and Forecast by Light Source

8. Market Size and Forecast by Offering

9. Market Size and Forecast by Application

10. Market Size and Forecast by Geography

11. Competitive Landscape

12. Company Profiles

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/research/h8s94g/emergency

About Research and Markets
Research and Markets is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Laura Wood, Senior Manager
press@researchandmarkets.com  

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

View original content:http://www.prnewswire.com/news-releases/79-billion-emergency-lighting-market-2017-analysis-and-forecast-to-2023—introduction-of-smart-lighting-in-emergency-lighting-300561429.html

SOURCE Research and Markets

Hansel Auto Group Slashes Prices By $3.5 Million For Black Friday

Logo

Hansel Auto Group Slashes Prices By $3.5 Million For Black Friday

The sale includes over 100 used vehicles, starting at $995

PR Newswire

PETALUMA, Calif., Nov. 23, 2017 /PRNewswire-iReach/ — Car shoppers can save big during Hansel Auto Group’s Black Friday sales event on November 24. The dealership has cut its used car inventory by millions of dollars and has priced each vehicle under $10,000.  

The sales event will include used vehicles from each of the auto group’s 10 dealership locations in the Sonoma Valley. Shoppers will have the choice of models from all the major automotive brands, including Toyota, Jeep, Ford, Volkswagen, Honda, Nissan, Mazda and many more.  

Hansel Auto Group’s post-Thanksgiving special includes sedans, crossover SUVs, coupes, minivans, trucks and much more. Every used model in stock has been hand-picked by the Hansel Auto Group team and has passed a rigorous multi-point inspection.  

To take advantage of these deep discounts for Black Friday, prospective customers can shop the savings online or instore. Hansel Auto Group has a complete list of all the models included in the sale on its website and is adding new vehicles daily.  

Prospective customers are encouraged to explore all the vehicles available online and consider making an appointment for a test drive by phone. Car shoppers can also schedule a test drive using the dealership’s convenient online scheduling form

For more information about Hansel Auto Group or its upcoming sales event, visit gohansel.com or call any of the group’s individual stores directly by phone. Hansel Auto Group is the premier new, used and pre-owned automotive dealer in the area with stores in Santa Rosa and Petaluma.  

Media Contact:Emily Garcia, Hansel Auto Group, 707-543-7300, EGarcia@HanselAuto.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

 

SOURCE Hansel Auto Group