Albania Exploration Update (6505V)
January 17 2012 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 6505V
San Leon Energy PLC
17 January 2012
17 January 2012
San Leon Energy Plc
("San Leon" or the "Company")
Albania Exploration Update - Billion Barrel + Potential
San Leon Energy is pleased to announce significant progress on
its 100% owned Durresi License (4,208 km(2) ) in Albania. The
Company has received the first final processed volumes from its 840
km(2) 3D seismic survey in late 2011. The survey was processed by
Western Geophysical in London with a focus on detailed structural
imaging incorporating relative amplitude preservation for the
detection of subtle stratigraphic prospects on the flanks of the
complex structural setting offshore Albania. Continued processing
of the new 3D and existing 2D and 3D seismic for the detection of
stratigraphic traps is being performed in the Company's Warsaw
office in conjunction with continued detailed subsurface analysis.
Initial modeling of the seismic response from existing well data
has proven the potential for using seismic amplitude analysis for
the direct detection of hydrocarbons. This means significantly
reduced exploration risk for prospects.
The Company's Albania subsurface team, located in its Warsaw
office, continue to interpret the extensive 2D seismic database
(>5,000 line km) over the license and is now integrating the new
3D seismic interpretation. Initial results of the new
interpretation has identified several new large oil and gas
prospects across the many petroleum systems that exists across the
Durresi License.
To date the Company has identified numerous prospects and leads
across the license with unrisked prospective recoverable resources
of more than 1 billion barrels of oil equivalent across the proven
petroleum systems. Six source rock intervals have been identified
with several potential oil reservoirs expected in Mesozoic
carbonates and flysch as well as numerous gas reservoirs in the
shallower Tertiary clastic deposits. The San Leon subsurface team
continues to identify prospects across the license.
The Company has recently signed Confidentiality Agreements with
several large E&P companies regarding farming into the license;
and continues to receive unsolicited interest from other large
E&P companies. As a result of which San Leon have opened the
data room early to select companies and have already recently been
visited by several companies. Plans to drill the first of a two
well exploration program on the block are being made for late
2012/2013.
Oisin Fanning, Chairman of San Leon, commented:
"We continue to make rapid progress on our Albania project.
After being awarded the Durresi License in February 2011 we quickly
shot our 3D program and, less than a year later, are identifying
numerous high quality oil and gas prospects across the license. The
new 3D has revealed several large structural oil and gas prospects
and is showing the significant stratigraphic potential that exists
across the license. The possibility of using seismic amplitudes to
significantly reduce exploration risk further demonstrates the high
potential of offshore Albania.
We are very excited by the potential of the Durresi License and
the interest that we are receiving from industry leading E&P
companies to gain access to this high potential area.
Albania is quickly becoming a core focus area for San Leon given
the huge upside potential, lower risk exploration and the level of
interest that we have received from leading E&P companies."
For further information contact:
San Leon Energy Plc Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman
Macquarie Capital (Europe) Limited Tel: +44 (0) 20 3037
2000
Paul Connolly
John Dwyer
Arbuthnot Securities Limited Tel: +44 (0) 20 7012
Antonio Bossi 2000
Richard Johnson
College Hill Associates Tel: +44 (0) 20 7457
2020
Nick Elwes
www.sanleonenergy.com
Qualified person
John Buggenhagen, who has reviewed this update, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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