San Leon Energy: Progress on Exploration Assets in Albania

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San Leon Energy (LSE:SLE) today released a statement on the progress of its exploration assets in Albania.   The company, which has a 100 per cent owned Durresi License (4,200 square kilometers) in Albania, has received the preliminary processed volumes from its 840 square kilometers 3D seismic survey undertaken from late last year.

Western Geophysical carried out the detailed analysis of the new 3D and existing 2D and 3D seismic in its Warsaw office situated inLondon.

Results of the Analysis

The initial results of the analysis has revealed a plethora of new & large oil and gas prospects found across the many petroleum systems present in the Durresi License.  The analysis concentrated on elaborate structural imaging integrating relative amplitude preservation for the recognition of faint stratigraphic prospects on the borders of the complex structural setting offshore of Albania.

The results has unearthed a new and prospective recoverable resource that is equivalent to over one billion barrels of oil found all over the established petroleum systems. It also revealed six-source rock intervals having numerous possible oil reservoirs anticipated in Mesozoic carbonates and flysch. Further, several gas reservoirs have been spotted in the shallower tertiary clastic deposits.

Partnerships with Other Companies

San Leon Energy has recently partnered with numerous large E&P companies about investing into the venture.  San Leon has also opened its’ data room to receive unsolicited interest from other prospectors who would like to invest in the deal. Currently, plans are underway to start drilling the first of a two well exploration program later in the year.

Chairman’s Comments

Oisin Fanning, Chairman of San Leon, said:

“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.”

Company’s Spotlight

San Leon Energy is an international group of companies that is engaged in the exploration and production of oil and gas projects in a variety of countries.

References
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