Beach Sells Albanian Interests to San Leon

San Leon Energy is set to take an extra 25 per cent stake on the Durresi Block in Albania as Australian Beach Energy has announced that it is withdrawing from the area.

Beach Energy holds a 25 per cent stake in the 4,200 square kilometre offshore block, with San Leon holding the other 75 per cent interest. The Durressi Block holds the A4-1X gas/condensate discovery and a number of un-drilled gas and oil prospects. As a result of Beach's withdrawal from the Albanian block, San Leon has announced that Beach has advised the company that it will transfer the 25 per cent interest to San Leon.

In the same announcement, Beach Energy also announced that it would be withdrawing from its interests in Spain.

Beach currently holds interests in the Ebro Basin H22007 (Abiego), H22008 (Peraltilla), H22009 (Barbastro) and H22010 (Binefar), with a 25 per cent stake in these prospects. No announcement has been made as to the disposal of this stake.

The company says its withdrawal from the areas allows it to focus on its Australian and African prospects.