10:23 AEST Mar 25, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) - Beach Energy Limited (ASX: BPT) (PINK: BEPTF) and its joint venture partner
San Leon Energy (LON: SLE) advise that they have commenced an 840 square kilometre 3D seismic survey in the Durresi Block, offshore Albania.
San Leon is Operator of the joint venture and, through a subsidiary, holds a 75% interest in the Durresi block with Beach holding the remaining 25%. Beach has agreed to pay 50% of the seismic program costs, rather than its 25% working interest requirement, in exchange for an option which, if exercised after review of the seismic data, will give Beach a 50% working interest in the licence moving forward.
Petroleum Geo-Physical AS has been contracted to carry out the survey using the M/V Ramform Vanguard seismic vessel. The 3D seismic program will evaluate a number of prospective targets in the Durresi Block, including the A4-1X discovery, in preparation for drilling in 2012.
The A4-1X gas condensate field was discovered in 1993 and is located 30 km off the southern coast of Albania. San Leon estimates the discovery to contain approximately 38 million barrels of circa 51 API condensate and 150 billion cubic feet of gas. The joint venture is also exploring potentially significant oil and gas targets adjacent to A4-1X.
The Durresi block is situated on the proven Apulian Margin, which extends from Italy into Albania.
Southern Albania contains a highly prolific petroleum system, including one of the largest onshore oil accumulations in Europe, the Patos-Marinza field, which is estimated to contain up to 5.7 billion barrels of original oil in place.
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:
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
