Terraoil Announces Completion of Audits; Statutory Audits for Fiscal Years 2020 and 2021 Completed

STEINHAUSEN, SWITZERLAND – EQS Newswire – 16 September 2022 – Terraoil Swiss AG (“Company”), an energy company with a strong focus on the Mediterranean is pleased to announce that the statutory audits for the fiscal years 2020 and 2021 have been completed for the Company and its Albanian subsidiary.

Each of the four audits were completed with clean audit opinions. The Company will now proceed with the necessary steps to prepare its Annual General Meetings for both years.

Chief Financial Officer, Bill Cummins commented:

“The completion of these audits is an important milestone for the Company. Delays in their completion were a direct result of investigations and difficulty raising capital that were caused by the false accusations made by the Swiss public broadcaster Schweizer Radio und Fernsehen (“SRF”) in its television programs and on the internet. Management continues to work tirelessly to secure the Company’s future and to position it to achieve value and liquidity for its shareholders.

We would like to thank our entire team and our new auditors for their professionalism and efficiency in completing the audits.”

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

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The issuer is solely responsible for the content of this announcement.

About Terraoil Swiss AG

Terraoil is an international energy company with a focus to identify and rapidly advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.

https://terraoil.swiss

Terraoil forward-looking statements

This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. In addition, investors should seek advice from their bank or their financial adviser. This media release and the information contained therein are not being issued for the purpose of selling shares in the United States of America, Australia, Canada, Japan, the United Kingdom, or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.

This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.