Sky Petroleum has completed and executed a Production Sharing Contract (PSC), covering three exploration blocks, Four, Five, and Dumre in the Republic of Albania. The main terms and conditions of the PSC for Block's Four, Five, and Dumre had been negotiated prior by the National Agency of Natural Resources of Albania (AKBN).
Sky Petroleum has been granted exclusive rights under the PSC to three exploration blocks totaling approximately 5,000 km2 (1.2 million acres), representing approximately 20% of the landmass of Albania. In addition to the exploration rights, the company will also have access to more than 1,200 km of 2-D seismic data.
"We are very pleased to have concluded our agreement with Sky Petroleum today, and will support their efforts towards a mutual goal to further develop Albania's vast hydrocarbon assets," added Minister Dritan Prifti, Minister of Economy, Trade and Energy for Albania. "The internal data and previous 2D seismic work on these blocks has identified ten prospects or exploration leads covering approximately 435 km2 and believed to contain over 900 million barrels of oil equivalent (MMBOE) of recoverable hydrocarbons, from the proven deep carbonate trends."
"We are very pleased to add these significant world-class assets into our portfolio and look forward to developing these blocks as well as extending our footprint in the region," said Karim Jobanputra, President and CEO of Sky Petroleum. "As informed by the Ministry, Albania will prove to be a major player in Western Europe, with estimated reserves north of six billion barrels, and we look forward to participating in its development."
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