Exploration company Island Oil & Gas has bought the remaining 50% stake in the Durresi Block off the coast of Albania from Lundin Albania.
Island has also agreed farm-out terms with Australian company Beach Petroleum.
Beach will take an initial 25% interest in the Durresi Block for costs. Island has also granted Beach an option to increase its equity to 45% by contributing 55% of the dry hole cost of one well at a location to be mutually agreed between Island and Beach.
The Durresi Block covers an area of 4,200 square kilometres along the Adriatic coast of Albania.
