Sky Petroleum opens office in Tirana

TEXAS, Feb 02 – US-based Sky Petroleum Inc. oil and gas company has announced the establishment of its office in Albania. Located in the Sky Tower, Tirana, Albania, the office will focus on the development of the Production Sharing Contract (“PSC”) with respect to the three exploration blocks, Four, Five and Dumre, previously announced on June 24, 2010. “We are delighted to be opening our office in Tirana, as a first step in establishing operations for our project in Albania,” stated Karim Jobanputra, Sky Petroleum’s chief executive officer. “As we move forward on the many issues related to the exploration blocks, we expect to announce additional operational developments in the near future.”
The PSC has a seven-year term with three exploration periods. Upon commercial discovery of gas, the agreement allows for development and production periods of 25 years plus extensions at the Company’s option. Based on analogous discoveries, it is believed that the prospects contain significant hydrocarbons.
Albania is a proven hydrocarbon producing region with earliest known bitumen production dating back to the Roman Empire. Modern exploration began in the early 1900s. The Patos – Marinza and Kucova heavy oilfields are among the largest oilfields in Europe. To date there have been ten significant field discoveries that have produced more than 150 million barrels.