The main milestone for the circulation of the invitation for the meeting is the completion of the audits for both years which are presently being conducted in Albania and Switzerland by a&o kreston audit ag. The audit of the 2020 statutory financial statements in Switzerland has been substantially completed and the 2021 audit is set to commence immediately upon completion of the 2020 audit. Correspondingly, the audits of the statutory financial statements in Albania are also nearing completion. The consolidated financial statements for the group will be audited as soon as the individual component audits are completed. The invitation for the AGM will be sent to shareholders as soon as the statutory audits are completed in Switzerland.

Chief Executive Officer, Peter Krempin commented:

"The audits are progressing extremely well in both Switzerland and Albania, particularly in consideration of the fact that they are taking place during the summer months and are dependent on staff availability. We are looking forward to circulating the invitation for the Annual General Meetings for 2020 and 2021 in the coming weeks. The AGM will be our first opportunity for a face-to-face meeting with our shareholders since the crisis triggered by the pandemic and we look forward to meeting with our shareholders to provide the financial statements and an update on our accomplishments and future outlook."

If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email [email protected] or by telephone at +41 71 544 01 20.

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