CALGARY, Oct. 8, 2014 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today announced that, through its wholly-owned subsidiary Petromanas Albania GmBH and as operator of a joint venture with Shell Upstream Albania ("Shell") in Blocks 2-3, it has entered into a definitive agreement with a third party to secure a 3,000 horsepower heavy drilling rig for use in its planned 2015/16 drilling program. The contract has an initial term of two years with an option for extension. Under the terms of the agreement, the rig is expected to be mobilized to Albania in late 2014 or early 2015. The Company intends to release its current rig upon the conclusion of drilling operations at the Molisht-1 well on Blocks 2-3.
"The new rig we have sourced is designed to deal with the rigours of the deep, geologically complex wells we are drilling in Albania," said Glenn McNamara, Chief Executive Officer of Petromanas. "The joint venture intends to use the new rig to drill its third and fourth wells on Blocks 2-3, which will be appraisal wells to the Shpirag-2 discovery well."
Petromanas holds a 25% working interest in Blocks 2-3 and is the operator with Shell holding the remaining 75% interest.
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 a Production Sharing Contract ("PSC") with the Albanian government. Under the terms of the PSC, Petromanas has a 25% working interest in Blocks 2-3 that comprise more than 850,000 gross acres across Albania's Berati thrust belt. Petromanas also holds exploration assets in France and Australia.
This press release contains forward-looking information within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of Petromanas as of the date of this news release unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward-looking information concerning the future performance of Petromanas, including but not limited to: timing for the release of the current rig, the KCA Deutag T-46, mobilization dates for the new 3,000 horsepower heavy drilling rig, Petromanas' expectations for such rig's use on Blocks 2-3 as well as such rig's performance characteristics and abilities.In respect of such forward-looking information, Petromanas has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the timing and drilling of wells, the performance of the 3,000 horsepower heavy drilling rig being consistent with past performance of comparable rigs, the Company's ability to meet its operational commitments, the ability of Petromanas to receive, in a timely manner, necessary regulatory and governmental operational approvals; and expectations and assumptions concerning, among other things: commodity prices and interest and foreign exchange rates; planned construction activities, capital efficiencies and cost-savings; applicable tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; and the availability and cost of labour and services. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release.
Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which Petromanas operates in general such as operational and exploration risks; delays or changes in plans with respect to growth projects or capital expenditures; delays in obtaining or the failure to obtain governmental approvals, permits or financing or political risks in the completion of development or construction activities; access to drilling rigs, completion equipment, seismic equipment and operational personnel; costs and expenses; political risks; risks of litigation; title disputes; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; environmental risks; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws and environmental regulations. There is a specific risk that drilling time may not be reduced as a result of the new drilling rig.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of Petromanas are included in reports on file with applicable securities regulatory authorities, including but not limited to; Petromanas' Annual Information Form for the year ended December 31, 2013, which may be accessed on Petromanas' SEDAR profile at www.sedar.com.
The forward-looking information contained in this press release is made as of the date hereof and Petromanas undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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, Bill Cummins, CFO, Petromanas Energy Inc., Suite 1720, 734 - 7th Avenue SW, Calgary, Alberta, Canada, T2P 3P8, Tel: +1 403 457 4400, Fax: +1 403 457 4480, Email: [email protected], Website: www.petromanas.com; Nick Hurst, The Equicom Group, 300 - 5th Avenue SW, 10th Floor, Calgary, Alberta, Canada, T2P 3C4, Tel: +1 403 218 2835, Fax: +1 403 218 2830, Email: [email protected]