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New entrants request access to San Leon data room

AIM-listed oil and gas exploration company San Leon has unveiled estimates for the Alban Structure located in the area known as the 'Durresi Block' in offshore Albania, an operational update has disclosed.

AIM-listed oil and gas exploration company San Leon has unveiled estimates for the Alban Structure located in the area known as the 'Durresi Block' in offshore Albania, an operational update has disclosed.

The company estimated that prospective resources of 3.2trn cubic feet of gas and 145m of barrels of gas condensate could be recoverable from the Alban Structure.

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It also reported that an exploration well had been targeted for 2014 and time for a farm-out data room had been extended to allow further time for more detailed technical evaluations by interested parties and to accommodate new entrants into the 'data room'.

Estimates for the identified prospects on the Durresi Block indicated that it contained prospective resources totalling up to 2.0bn barrels of oil equivalent of unrisked mean case recoverable prospective resources, the updated stated.

The Durresi Block is located on the proven Apulian Margin, on trend with a number of Tertiary gas and Mesozoic/Tertiary oil discoveries in the Italian Adriatic to the northwest. Multiple regional pipeline projects are planned for the South East Europe area, including the Trans Adriatic Pipeline, which is planned to run through the Durresi Block.

Executive Chairman of San Leon, Oisin Fanning, said: "This licence has exceptional potential and the continued interest from parties is very encouraging. We have decided to extend the process to accommodate data room attendees.

"The PSDM and AVO analysis has been an integral part of this process and due to the time consuming nature of this on-going work, the whole process from 3D acquisition to farm-out execution is taking longer than anticipated.

"However, with existing interested parties seeking further data and new entrants requesting access to the data room, the best way to maximise value for our shareholders is to extend the farm-out process."

San Leon's share price was up 0.78% to 7.79p at 10:22 on Thursday.

MF

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