Exclusive: Beach Energy withdrew from the offshore Durresi Block!

Beach Energy Ltd advises of its withdrawal from Spain and Albania and the expiry of the South East July concession in Egypt.
Beach wishes to advise that as part of its ongoing portfolio management, the company has given notice to its respective operators and elected not to continue its activities in the following international permits:
* Albania – Durresi Block (Beach previously 25%);
* Spain – Ebro Basin H22007 (Abiego), H22008 (Peraltilla), H22009 (Barbastro) and H22010 (Binefar) (Beach previously 25%); and
* Egypt – South East July Concession (Beach previously 20%)
With respect to the South East July Block, the permit has expired with all financial commitments met by the joint venture prior to the end of the final three year phase of the concession.
Press Release of San Leon Energy
San Leon Energy Plc announced yesterday that the Company has been advised by its partner Beach Energy Ltd (Beach”), that, as part of its ongoing portfolio management, it is withdrawing from the Durresi Block, offshore Albania.
Beach Energy Ltd (“Beach”) has announced the withdrawal as part of an international update where it has also announced that it is withdrawing from licences in Albania, Spain and Egypt.
As a result of this and subject to regulatory approval, Beach Energy’s 25% interest will now transfer to San Leon who will now hold 100% of the Durresi Block.

energjia.al, 23.12.2011