San Leon cleared for Albania seismic survey

Offshore staff

DUBLIN, Ireland – Albania’s government has issued approval to San Leon Energy and partner Beach Energy for the Durresi license and its associated work program. The approval allows the partners to initiate a 3D seismic acquisition survey of over 300 sq km (116 sq mi).

This will be used to evaluate the A4-1X gas condensate discovery, 30 km (18.6 mi) off Albania’s southern coast, and prepare for an appraisal drilling program on the field next year.

A4-1X was discovered in 1983, the well data suggesting reserves of around 38 MMbbl of 51º API condensate and 150 bcf of gas.

Beach will pay half the seismic acquisitions costs, giving it the option to raise its interest in the permit at a future point from the present 25% to 50%.

San Leon also is investigating potential multiple plays close to A4-1X, targeting oil and gas, along the Apulian margin which extends from Italy into Albania. Southern Albania has one of Europe’s largest onshore oil accumulations, the Patos-Marinza field, thought to contain in-place reserves of 5.7 Bbbl.

02/03/2011