San Leon Gets Albanian Approval for Durresi License

The Albanian Council of Ministers has approved Beach Energy Limited's plan to commence exploratory drilling on the Durresi Block along the Adriatic coast.

The Durresi Block covers an area of 1 million acres (4,200 square kilometers) along the Adriatic coast of Albania, and contains a deep water gas/condensate discovery, as well as several undrilled oil and gas prospects. The operator will initially focus on appraising the A4-1X field, a 1993 gas/condensate discovery, which has the potential to contain up to 38 million barrels of condensate and 150 Bcf of gas.

A 3D seismic survey will soon commence over 74,132 acres (300 square kilometers) which will include the A4-1X field and surrounding exploratory targets. This under explored area is situated on the proven Apulian Carbonate Margin, which extends across the Adriatic Sea from Italy into Albania. Appraisal drilling on the A4-1X field is expected to follow the 3D seismic survey in 2012.

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