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. Last Updated: 07/27/2016

Albania to Start Oil Drilling

TIRANA, Albania -- Hamilton Oil Albania Corp., a subsidiary of Australia's Broken Hill Proprietary Ltd, will start drilling for oil in Albanian offshore waters by the middle of next year, a company official said.

"We have decided to start drilling in the June-July period next year after a series of seismic studies," said Vladimir Marku, the company's representative in Tirana.

Marku said $4.5 million had been spent in seismic studies and another $13 million were earmarked for the drilling. He added it was too early for other details.

He said the drilling site would be located west of the Karaburun (Acroceraunia) peninsula, near the western city port of Vlora, 147 kilometers southwest of Tirana.

Hamilton operates a 2,000 square kilometer block in Albania's Ionian sea shelf under a production sharing contract signed 2 1/2 years ago with Albania, which owns a 77 percent stake leaving Hamilton and its partners the balance.