Ramform Vanguard starts Albania 3D survey

Offshore staff

DUBLIN. Ireland -- PGS has begun acquiring seismic over the Durresi block offshore Albania for operator San Leon and partner Beach Energy.

Petroleum Geo-Physical AS (“PGS”) is contracted to carry out the survey using the M/V Ramform Vanguard to perform the 840-sq. km. (324-sq. mi.) acquisition, the largest 3D program ever offshore Albania, according to San Leon. The program is designed to evaluate prospective structures, including the A4-1X gas-condensate field, ahead of appraisal drilling next year.

Beach Energy has agreed to pay half the costs of the seismic program in exchange for an option to lift its interest in the license from 25-50%. PGS Ventures is providing a $50-million facility for seismic services, which will cover San Leon’s Albania costs.

A4-1X was discovered in 1993, 30 km. (18.6 mi.) off Albania’s southern coast, with reserves estimated at 38 MMbbl of 51° API condensate and 150 bcf of gas.

San Leon also is exploring potential multiple plays adjacent to A4-1X targeting oil and gas, located on the proven Apulian margin, which extends from Italy into Albania. Onshore southern Albania, the Patos-Marinza field contains in-place oil estimated at up to 5.7 Bbbl.

03/17/2011

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