San Leon invites bidders for stake in Albanian oil exploration licence.

By bne IntelliNews January 18, 2012
UK-based mineral exploration company San Leon Energy has invited bidders to bid for a stake in its Albanian exploration licence on Durresi Block, the company said in a statement. San Leon has opened a data room for bidders interested in the stake, after its Australian partner Beach Energy decided to withdraw from the project in December 2011 and transferred its 25% ownership to San Leon. The company said it received a number of unsolicited offers. San Leon also said it identified more than 1bn barrels of oil equivalent (BOE) in the Durresi Block offshore, following a 3D seismic survey, which was completed in 2011. The survey covered 840 square km, or some 20% of the block's total area, in which San Leon holds a 100% interest. The UK company plans to commence drilling operations in late 2012 or early 2013.

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