Commencement of Seismic Servey (2011D)
March 18 2011 - 4:35AM
UK Regulatory
TIDMSLE
RNS Number : 2011D
San Leon Energy PLC
18 March 2011
SAN LEON ENERGY
("San Leon" or the "Company")
Commencement of Offshore Albania Seismic Survey
San Leon and its partner, Beach Energy Limited ("Beach Energy"),
are pleased to announce they have commenced an 840 square kilometre
3D seismic survey on their Durresi Block, offshore Albania.
Petroleum Geo-Physical AS ("PGS") has been contracted to carry
out the survey using the M/V Ramform Vanguard seismic vessel. The
3D seismic programme will evaluate a number of highly prospective
structures in the Block, including the A4-1X discovery, in
preparation for a 2012 appraisal drilling programme.
San Leon, through a subsidiary, holds a 75% interest in the
block and is the operator. Beach Energy holds the remaining 25%
interest. Beach Energy has agreed to pay 50% of the seismic
programme costs, rather than their 25% working interest
requirement, in exchange for an option which, if exercised, will
allow them to hold a 50% working interest in the licence going
forward.
As detailed on 18 September 2009, San Leon has a seismic
services agreement with PGS Ventures AS, who is providing a $50m
facility for seismic services. San Leon's Albania seismic
acquisition costs will be paid for through this agreement.
The Durresi Block contains the undeveloped A4-1X gas condensate
field, which was discovered in 1993, 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:
"We are delighted that we have been able to mobilise a vessel so
quickly after being awarded approval for the Durresi Block at the
beginning of February. Albania is generating a lot of international
interest at this time and we are excited by the potential we see in
our acreage. Our 3D seismic programme is the largest ever carried
out in Albania and we are confident that we are on track to drill
an A4-1X field appraisal well in 2012."
18 March 2011
ENQUIRIES
San Leon Energy
plc Oisin Fanning, Executive Chairman +353 1291 6292
John Buggenhagen, Director
of Exploration
Macquarie Capital
(Europe) Limited +44 (0) 3037 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) 20 7012
Limited 2000
Nick Tulloch
Ben Wells
College Hill Investment Relations Adviser +44 (0) 20 7457
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.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
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