San Leon receives extension for offshore Albania permit

Albania’s Minister of Economy, Trade and Energy has amended a PSC for the offshore Durresi block operated by San Leon Energy with a 100% interest.

Offshore staff

DUBLIN, Ireland – Albania’s Minister of Economy, Trade and Energy has amended a PSC for the offshore Durresi block operated by San Leon Energy with a 100% interest.

The amendment was requested because of tight timelines in the existing PSC, which included a commitment to a first well this year. Once it takes effect, the company will have two further years to begin drilling operations. It currently plans to drill next year.

Durresi is on the proven Apulian Margin, on trend with numerous Tertiary gas and Mesozoic/Tertiary oil discoveries in the Italian sector of the Adriatic Sea to the northwest, and the onshore Patos-Marinza oil field to the southeast.

One of the main prospects in the block is Alban in 150 m (492 ft) water depth, with a reservoir target range in depths of 1,500-2,500 m (4,921-8,202 ft). This could hold recoverable reserves of 3.2 tcf (90.6 bcm) of gas and 145 MMbbl of gas condensate.

San Leon has invited prospective partners to view the available data. The extension should assist the farm-out process.

4/26/2013

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