CALGARY, Feb. 11, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or
the "Company") (TSXV: PMI) today provided an update on its Albanian
operations, including its ongoing drilling and seismic programs on
The Shpirag-2 well is currently at a depth of approximately 4,800 metres
and is sidetracking in a lower Flysch shale zone, and will then drill
ahead, as planned, into the targeted carbonate reservoir zone.
In late December 2012 Petromanas announced that it had reached the top
of the carbonate reservoir zone at a depth of approximately 4,750
metres and set casing. On drilling ahead, the Company encountered an
additional layer of Flysch shale beneath this carbonate. It was
interpreted that the encountered carbonate zone was a small, shallower
carbonate imbricate structure that was not identifiable on seismic.
Drilling ahead through the lower Flysch shale, the Shpirag-2 wellbore
reached a depth of approximately 5,200 metres, immediately above the
targeted carbonate structure. On a recent trip into the hole, the drill
string became stuck due to wellbore instability and the well is
Once the sidetracked well drills into the targeted carbonate structure,
the Company does not intend to provide any updates with respect to
drilling depth or comment on the presence or absence of hydrocarbons
until the hole reaches total depth and sufficient analysis has been
completed. When the Shpirag-2 well reaches total depth the Company
plans to log, complete, and flow test the well, if warranted. Planning
and logistics are in the final stages of preparation for well
completion and test operations.
"Throughout the drilling operation Petromanas has worked closely with
our joint venture partner and has taken a number of steps to
proactively mitigate instability in the hole as we drill ahead," said
Mr. Glenn McNamara, CEO of Petromanas. "We are continuing to work to
find solutions to the challenges we are facing so that we can drill
this well to its planned total depth and get a complete assessment of
the target carbonate reservoir."
Petromanas has completed the Environmental and Social Impact Assessment
and civil engineering work for two additional potential drilling
locations on Blocks 2-3 and received the necessary environmental
permits from the Albanian Government. The Company has applied for civil
construction permits to build the access road and well site for the
next location. In addition, the joint venture has initiated feasibility
and design work on an early production system that could enable long
term testing and early production of the current well and future Blocks
Petromanas has also concluded the tender process for the next stage of
the Blocks 2-3 seismic program and awarded the contract to Geotec Spa
of Italy. Under the terms of the Company's Farm-Out Agreement with
Royal Dutch Shell plc, Shell will carry the first $20 million of the
Blocks 2-3 seismic program, including the test line which was shot in
2012 and is currently being processed. Any costs in excess of that
amount will be shared equally by both parties.
About Petromanas Energy Inc.
Petromanas Energy Inc. is an international oil and gas company focused
on the exploration and development of its assets in Albania.
Petromanas, through its wholly-owned subsidiary, holds three Production
Sharing Contracts ("PSCs") with the Albanian government. Under the
terms of the PSCs, Petromanas has a 100% working interest in Blocks A,
B, D, and E and a 50% working interest in Blocks 2 and 3 that comprise
more than 1.4 million gross acres across Albania's Berati thrust belt.
Petromanas also holds exploration assets in France and Australia.
The foregoing information contains forward-looking information relating
to the future performance of the Company, including but not limited to
the timing and drilling of the Shpirag-2 well, the costs of drilling,
the ability of the Company to address technical and operational
challenges in the drilling, logging, completion and testing of the
Shpirag-2 well, the Company's current exploration activities, including
the 2013 seismic program, and the timing with respect to government
permit applications. Forward looking information is subject to a
number of known and unknown risks, uncertainties and other factors that
may cause actual results to differ materially from those anticipated in
our forward looking statements. Such risks and other factors include,
among others, the actual results of exploration activities, changes in
world commodity markets or equity markets, the Company's ability to
identify, attract, obtain and retain industry partners, access to
capital, access to drilling rigs, seismic equipment and operational
personnel, the risks of the petroleum industry including, without
limitation, those associated with the environment, delays in obtaining
governmental approvals, permits or financing or political risks in the
completion of development or construction activities, title disputes,
change in government and changes to regulations affecting the oil and
gas industry, risks associated with exploration activities and other
risks and uncertainties detailed from time to time in the Company's
filings with the Canadian securities administrators (available at www.SEDAR.com). Forward-looking statements are made based on various assumptions and
on management's beliefs, estimates and opinions on the date the
statements are made. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
the forward-looking information contained herein. The Company
undertakes no obligation to update forward-looking statements if these
assumptions, beliefs, estimates and opinions or other circumstances
should change, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Petromanas Energy Inc.
For further information:
Glenn McNamara, CEO
Hamid Mozayani, COO
Bill Cummins, CFO
Petromanas Energy Inc.
Suite 1720, 734 - 7th Avenue SW
Canada T2P 3P8
Tel: +1 403 457 4400
Fax: +1 403 457 4480
The Equicom Group
300 - 5th Avenue SW, 10th Floor
Canada T2P 3C4
Tel: +1 403 218 2835
Fax: +1 403 218 2830