San Leon Energy Plc hss been advised by its partner Beach Energy Ltd , that, as part of its ongoing portfolio management, it is withdrawing from the Durresi Block, offshore Albania.
Beach Energy Ltd (“Beach”) has announced the withdrawal as part of an international update where it has also announced that it is withdrawing from licences in Albania, Spain and Egypt.
As a result of this and subject to regulatory approval, Beach Energy’s 25% interest will now transfer to San Leon who will now hold 100% of the Durresi Block.
In December 2007, Beach entered into a farmin agreement with a subsidiary of Island International Exploration BV under which Beach it acquired a 25% interest in the 4200 square kilometre “Durresi” Block in the Adriatic Sea, offshore Albania.
Offshore Energy Today Staff, December 22, 2011; Image: Beach Energy