"We have decided to start drilling in the June-July period next year after a series of seismic studies," said Vladimir Marku, the company's representative in Tirana.
Marku said $4.5 million had been spent in seismic studies and another $13 million were earmarked for the drilling. He added it was too early for other details.
He said the drilling site would be located west of the Karaburun (Acroceraunia) peninsula, near the western city port of Vlora, 147 kilometers southwest of Tirana.
Hamilton operates a 2,000 square kilometer block in Albania's Ionian sea shelf under a production sharing contract signed 2 1/2 years ago with Albania, which owns a 77 percent stake leaving Hamilton and its partners the balance.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.