Beach, JV Partner Commence Seismic Survey Offshore Albania

San Leon has commenced a 3D seismic survey offshore Albania which will cover 207,569 acres (840 square kilometers) in the Durresi block. Beach Energy, a partner on the block, has agreed to pay 50% of the seismic program costs, rather than its 25% interest requirement, in exchange for an option which, if exercised after review of the seismic data, will give Beach a 50% interest in the license moving forward, stated San Leon.

Petroleum Geo-Physical AS was contracted to perform the survey using the M/V Ramform Vanguard seismic vessel. The 3D seismic program will evaluate a number of prospective targets in the Durresi block, including the A4-1X discovery, in preparation for drilling in 2012. Discovered in 1993, the A4-1X gas condensate field is located 19 miles (30 kilometers) off the southern coast of Albania. The operator estimates the discovery contains nearly 38 million barrels of condensate and 150 Bcf of gas. The joint venture is also exploring prospects adjacent to A4-1X. San Leon operates the block, holding a 75% interest. Beach Energy holds the remaining 25% interest.

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