San Leo reconfirms two-year extension in Durresi Block

TIRANA, August 2 – Dublin-based San Leon has confirmed a two-year extension of its contract in Durresi Block, offshore Albania where the Company holds a 100% operating interest. In a statement, the company announces that the amendment to its Petroleum Sharing Contract alleviates the tight timelines that existed in the PSC. San Leon now has two full years from 31 July 2013 to begin drilling operations.
“San Leon is pleased to confirm that the Second Amendment to its Petroleum Sharing Contract for the Durresi Block, offshore Albania, where the Company holds a 100% operating interest, became effective on 31 July 2013 following Council of Ministers approval and publication in country’s Official Gazette.”
Few months ago, Albanian deputy Economy and Energy Minister Enno Bozdo said the USD 250 million investment by San Leon in the next two years would enable hundreds of jobs, unveiling the confidence foreign companies operating in strategic sectors have in the business climate in Albania and the Albanian government.
San Leon Energy Plc. owns a 100% interest in the Durresi Block, offshore Albania, which covers 4,200 square kilometers. Following the 840 square kilometer Durresi 3D survey acquired in April 2011, San Leon has identified a number of highly attractive and material prospects totaling up to two billion barrels of oil equivalent.