Large Oil & Gas Companies Interested in Albania's Durresi Block

Large Oil & Gas Companies Interested in Albania's Durresi Block

San Leon Energy today reported a significant progress on its Durresi License offshore Albania. The Company has received the first final processed volumes from its 840 km2 3D seismic survey in late 2011.

The survey was processed by Western Geophysical in London with a focus on detailed structural imaging incorporating relative amplitude preservation for the detection of subtle stratigraphic prospects on the flanks of the complex structural setting offshore Albania.

Continued processing of the new 3D and existing 2D and 3D seismic for the detection of stratigraphic traps is being performed in the Company’s Warsaw office in conjunction with continued detailed subsurface analysis. Initial modeling of the seismic response from existing well data has proven the potential for using seismic amplitude analysis for the direct detection of hydrocarbons. This means significantly reduced exploration risk for prospects.

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 San Leon 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.

San Leon  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.

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.”

Offshore Energy Today Staff, January 17, 2012

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