DUBLIN, Ireland -- Island International Exploration has acquired the remaining 50% equity interest in the Durresi block offshore Albania from Lundin Albania.
The transfer has been approved by Albania's National Agency of Natural Resources. Island also has agreed farm-out terms which would involve Australian company Beach Petroleum acquiring 25% of the block for back costs.
In addition, Beach has the option to increase its equity to 45% by contributing 55% of the dry hole cost of one well at a location to be determined by the two companies.
Durresi covers an area of 4,200 sq km (1,622 sq mi) along the Adriatic coast. It contains one gas condensate discovery, A4-1X drilled by Chevron and Agip in 1993. There are several other oil and gas prospects and leads along the northern edge of a geological feature known as the Apulia Platform. (Pennenergy)
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