Canada’s Stream Oil & Gas Estimates Albania's Oil Reserves at Over $145 Mln

"These reserves provide us with significant opportunity for growth in production as we implement our plans of development," the company's CEO Sotirios Kapotas said in a statement.

The evaluation report was prepared by AJM Petroleum Consultants and the evaluation is effective as of November 30.

The gross proved plus probable reserves are estimated at 17,418 million barrels of oil equivelent (Mboe) and gross proved oil reserves at 13,364 Mboe.

Stream Oil & Gas has a 25-year licence to develop, produce and sell oil and gas from Albania’s Delvine gacs field and the oil fields Cakran-Mollaj, Ballsh-Hekal and Gorisht-Kocul, since 2007.

Since November 2007, when the company started operations in Albania, it has been conducting evaluations in its 23 oil and gas wells. A three-dimensional passive seismic programme is running over the Delvine gas field in order to map the existing production area and define upside potential.

"Stream is on track to submit the Delvine gas field development plan by year-end as well as implementing the oil development plans upon approval by Albania authorities and confirmation of funding arrangements," Kapotas said.

In May 2008, the country's energy ministry said the company planned to invest $500 million in the Albanian energy sector, including $300 million in a gas-fired power plants in the Delvine region, southern Albania, and $200 million develop and deepen the existing oil fields.

Stream Oil & Gas was founded in Canada in 2007 and its main activities are in Albania.

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