12:09 AEST Feb 3, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Sydney, Australia (ABN Newswire) - Beach Energy Limited (ASX: BPT) (PINK: BEPTF) ('Beach') advises that the Albanian Council of Ministers approved, on 31 January 2011, the Durresi Block License Petroleum Complimentary Agreement (Beach 25%, Island International Exploration B.V., a
San Leon Energy (LON: SLE) (PINK: SLGYF) subsidiary, 75% and operator).
The Durresi Block covers an area of 4,200 square kilometres along the Adriatic coast of Albania and contains a yet to be appraised deep water gas/condensate discovery as well as several undrilled oil and gas prospects. The initial focus will be on appraising the A4-1X field, a 1993 gas/condensate discovery, which has the potential to contain up to 38 million barrels of condensate and 150 billion cubic feet of gas.
A 3D seismic survey is soon to take place over 300 square kilometres which will include the A4-1X field and surrounding exploration targets. This underexplored, highly prospective area is situated on the proven Apulian Carbonate Margin, which extends across the Adriatic Sea from Italy into Albania.
The 3D seismic survey is expected to be followed by appraisal drilling on the A4-1X field in 2012.
About Beach Energy Limited:
Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has oil and gas reserves of 66 million barrels of oil equivalent (at 30 June 2009), an annual production in the 2008/09 Financial Year of 9.6 million barrels of oil equivalent and an active exploration program within a balanced global portfolio of tenements.
Contact:
Corporate
Reg Nelson
Beach Energy Limited
Tel: +61-8-8338-2833
Investor Relations
Chris Jamieson
Beach Energy Limited
Tel: +61-8-8338-2833
Email: info@beachenergy.com.au
http://www.beachenergy.com.au
