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 Antonio Bossi Richard Johnson | Tel: +44 (0) 20 7012 2000 |
College Hill Associates | Tel: +44 (0) 20 7457 2020 |
Nick Elwes |
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.
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
Antonio Bossi
Richard Johnson
Tel: +44 (0) 20 7012 2000
College Hill Associates
Tel: +44 (0) 20 7457 2020
Nick Elwes
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