Replacement: Durresi Licence Approval (6141A)
February 03 2011 - 2:28AM
UK Regulatory
TIDMSLE
RNS Number : 6141A
San Leon Energy PLC
03 February 2011
This announcement replaces the San Leon Energy release that was
released at 07.00 am, 3 February 2011.
Paragraph 1: The last sentence previously had an effective date
for the approval of xx January 2011 when the announcement should
read as outlined below; "The approval became effective when the
decision was published in the Albanian government official
gazette."
San Leon Energy
("San Leon" or "the Company")
Approval recieved for Durresi Licence, offshore Albania
Highlights:
-- Albanian Council of Ministers' approval has been recieved for
the Durresi licence
-- Durresi Block, offshore Albania, is situated along the highly
prospective Apulian Margin
-- San Leon will now acquire over 300km2 of 3D seismic over the
Block during Q1 2011
-- 3D seismic will evaluate A4-1X discovery and plan for 2012
appraisal drilling programme
San Leon is pleased to announce that the Albanian Government
Council of Ministers has approved the Durresi Block Licence
Petroleum Complimentary Agreement for San Leon and its partner,
Beach Energy Limited ("Beach Energy"). San Leon, through a
subsidiary, holds a 75% interest in the block and is the operator.
Beach Energy holds the remaining 25% interest. The approval became
effective when the decision was published in the Albanian
government's official gazette.
The Durresi Block, offshore Albania, is situated along the
highly prospective Apulian Margin. With the approval of Durresi now
gained, San Leon will focus on acquiring over 300 km2 of 3D seismic
data during the remainder of Q1 2011.
The 3D seismic programme will evaluate the A4-1X discovery as
well as prepare for a 2012 appraisal drilling programme in the
undeveloped gas condensate field. Beach Energy has also agreed to
pay 50% of the costs, rather than their 25% working interest
requirement, for the upcoming 3D seismic programme in exchange for
an option which, if exercised, will allow them to hold a 50%
working interest in the licence going forward.
The A4-1X field was discovered in 1983, 30 km off the southern
coast of Albania. The discovery indicated circa 38 mmbbls of circa
51 API condensate and 150 BCF of gas. The Company is also exploring
significant potential multiple plays adjacent to A4-1X targeting
both oil and gas. This underexplored, highly prospective, area is
situated on the proven Apulian Margin, which extends from Italy
into Albania. Southern Albania contains a highly prolific petroleum
system including one of the largest onshore oil accumulations in
Europe, the Patos-Marinza field, which is estimated to contain up
to 5.7 billion barrels of OOIP.
Oisin Fanning, Executive Chairman of San Leon Energy,
commented:
"This project is the catalyst for our Albania exploration
programme. We are excited to have received Council of Ministers'
approval and can now focus on our upcoming 3D seismic programme. We
see great potential in Albania, and are confident of a successful
outcome in the upcoming evaluation and appraisal of the A4-1X
discovery. Albania is quickly gaining momentum in our portfolio as
our subsurface team continues to develop an inventory of
exploration opportunities."
3 February 2011
ENQUIRIES
San Leon Energy
plc Oisin Fanning, Executive Chairman +353 1291 6292
John Buggenhagen, Director
of Exploration
Macquarie Capital +44 (0)203 037
(Europe) Limited 2000
John Dwyer
Paul Connolly
Ben Colegrave
Fox-Davies Capital +44 (0) 203 463
Limited 5010
Phil Davies
David Porter
Arbuthnot Securities Nominated Adviser +44 (0) 207 012
Limited 2000
Nick Tulloch
Ben Wells
College Hill Investment Relations Adviser +44 (0) 207 457
2020
Nick Elwes
Qualified person
John Buggenhagen has over 15 years experience in the oil &
gas industry. He has a Ph.D. and M.Sc. in Geophysics from the
University of Wyoming and a B.Sc. in Geophysics from the University
of Arizona. He is currently the Director of Exploration for the San
Leon Energy Group and based in San Leon's Warsaw office in
Poland.
Notes to Editors - Albania:
Information from the World Bank:
Despite the current slowdown induced by the global financial
crisis, Albania is nevertheless poised to resume its high growth
rates gradually being one of the few countries avoiding recession
in 2009.
Albania's poverty rate was reduced from 25 percent to 12 percent
between 2002 and 2008, one of the highest rates of poverty
reduction in the ECA region
http://web.worldbank.org.al
Information from the World Bank and the International Monetary
Fund:
Projected Real GDP Growth for Albania is 5.5 % in 2010, and 6.5%
in 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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