OMV Consortium signs new contracts in Albania A European consortium led by OMV (ALBANIEN) Onshore Exploration GmbH (operator and 40 % stakeholder) and partners Enterprise Oil Exploration Limited (30 %), Clyde Expro plc, a subsidiary of Gulf Canada Resources Ltd, (15 %) and MOL Albania Oil & Gas Limited (15 %) signed two Production Sharing Contracts (PSC) for onshore Blocks 1,4 and 5 in Albania today. OMV (ALBANIEN) Onshore Exploration GmbH is a wholly owned subsidiary of OMV Aktiengesellschaft, Vienna. Block 1 is situated east of the capital Tirana and covers an area of 2,551 sq km adjacent to border with the Republic of Macedonia. Blocks 4 and 5 enclose the whole southern part of Albania down to the border with Greece and cover 4,365 sq km. The work to be carried out includes seismic acquisition and the drilling of at least one exploration well. Through the signing of these new contracts, OMV, which has been active in Albania since 1989, and its partners are confirming their interest in exploring the country´s remaining hydrocarbon potential and further strengthening Albania´s upstream oil and gas industry. The award of these contracts to OMV´s consortium allows OMV to further strengthen its position in the mediterranean region, in line with its E & P strategy. For further information: Dr. Hermann Michelitsch / Communications Tel: (+43-1) 404 40-1660, Fax: DW -999 OMV Aktiengesellschaft, © 1998-01-19
