San Leon has signed an amendment (Amendment) to its Petroleum Sharing Contract (PSC) for the Durresi Block, offshore Albania, where the Company holds a 100% operating interest.

The Amendment alleviates the tight timelines that existed in the current phase of the PSC, where San Leon would have had a requirement to drill an exploration well in 2013. The Amendment, which was signed by Mr Enno Bozdo, Deputy Minister of Economy, Trade and Energy, has been under negotiation with the National Agency of National Resources ("AKBN") since last year.

The Amendment will become effective on the official date of approval by the Council of Ministers, which is expected next week. Once it becomes effective, San Leon will have two full years to begin drilling operations. The Company plans to drill a well in 2014.

Tags: San Leon Energy