Sky Petroleum Releases McKinsey Valuation on Albanian Exploration Blocks
Three Exploration Blocks- Four, Five, and Dumre Valued between $1 Billion to $3 Billion
AUSTIN, Texas, Sep 23, 2010 (BUSINESS WIRE) --
Sky Petroleum, Inc. (OTCBB: SKPI), an oil and gas company, today released the findings of a detailed report written in cooperation with McKinsey & Company, one of the world's leading consulting firms, assessing the potential value of the three exploration blocks, Four, Five and Dumre (the "Albanian Blocks"). The report estimates the Albanian Blocks:
contain a mean un-risked reserve potential of 875 million barrels of oil equivalent (MMBOE);
with a conservative average success rate of approximately 24%, which would translate to a mean risked reserve potential of 220 MMBOE;
have a potential market value of between $1 billion to $3 billion based on expected P90 reserves of approximately 105 MMBOE at $10 to 30 per barrel of oil equivalent (BOE); and
possess a mean net present value of about $2.1 billion based on a stochastic discounted cash flow valuation of their likely commercialization.
According to the findings, which are based on previous reserve estimates, there are significant reserves contained in the Albanian Blocks. Each block has promising prospects with existing data, including seismic and well logs. The National Agency of Natural Resources of Albania ("AKBN") provided the company and its consultant access to previous reserves studies including one prepared by OMV, Austria's largest oil-producing, refining and retail operating company.
"This report echoes that our efforts in Albania are well founded and will be highly accretive for the people of Albania as well as our shareholders," commented Karim Jobanputra, chief executive officer of Sky Petroleum, Inc. "We are in the process of outlining our operational plan, which will be submitted to AKBN shortly."
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