In 2012 we invested in infrastructure, including roads required to access the wells, on site storage for the crude oil, pipelines to transport the crude oil within the oil field and offfice building for our staff and engineers. Whilst our production increased since the take over to over 60 MT per day in March 2013, our main focus was on testing the progressive cavity pumps (PCP’s) and stabilising the oil field rather than increasing production.
In 2012, the decision was made to focus our attention on developing the Visoka oil field. As a result, we have not pursued the development of the refinery and trading opportunities identified earlier.
In 2013, TRANSOILGROUP, will continue to focus on increasing oil production. The testing of the PCP’s, the drilling of new wells and the stabilisation of the oil field will be the principal activities for the year.
We are also reviewing opportunities for the acquisition of production rights in other oil fields.