Sky Petroleum, with a focus on E&P in the Republic of Albania and a bench of proven oil and gas professionals at the helm, has exploited a strategy that leverages infrastructural localization and maximized up-time between appraisal/development to carve out a substantial foothold in the region. The Company offered an operational status report, detailing technical data analysis of previously engaged Schlumberger consulting firm, Pathfinder, which has subsequently produced recommendations on three of the ten prospects.
According to the determinations of the Pathfinder team, there is potential for more up-dip drilling at oil shows in Palokastra and discrete testing of fractured intervals at oil shows in Kanina also shows potential. With a mountain of data still to be analyzed, covering seven additional prospect areas targeted for future E&P, Pathfinder is currently hard at work as SKPI performs internal refinement of their E&P plans, continuously adjusting them to tailor fit the prevailing analysis. The Dumre block is situated just north of the successful Kucova oil field and analogous discoveries indicate strong potential for hydrocarbon development here as well.
Pathfinder’s planning model, incorporating extended reach side-tracks, offers sound engineering guidance that indicates all three wells are drillable and a rigorous engineering proposal designed to capture this potential will follow an array of feasibility studies. The overall SKPI regional strategy remains rock-solid and this report gives investors an extremely interesting view inside Albania’s rapidly expanding energy sector. With three commercial refineries and modern port facilities on the Adriatic Sea, Albania sits in close striking distance to European markets and currently already has internal consumption and exports to nearby Italy taking up production.
The overarching goal of analysis will be to confirm extant reserve potential of some 875 million barrels of oil equivalent ($1-3B market value on P90 reserve values of some 105 MMBOE at $10-30/barrel). The proven hydrocarbon production potential of Albania stretches back to the Roman Empire and SKPI is in a choice position, sitting on exclusive rights to massive exploration blocks comprised of millions of acres, as well as a wealth of extant 2D seismic data. Geographically, Albania is in a prime position as well, sitting on a cross roads of sever major planned gas pipelines from the Black Sea to Western Europe.
The production-sharing contract enjoyed by the Company has a seven-year term consisting of three exploration periods and is designed to trigger development/production periods in excess of 25 years or more at SKPI’s discretion upon commercial discovery of gas.
For more information on the report, or to learn more about Sky Petroleum, Inc., please visit the Company’s website at: www.SkyPetroleum.com
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