CALGARY, Aug. 23, 2012 /CNW/ - Petromanas Energy Inc. ("Petromanas", or the "Company") (TSXV:PMI) today provided an operational update on its ongoing drilling program in Albania. The Company spud the Shpirag-2 well located on Blocks 2-3 onshore Albania on June 30, 2012. Drilling of the well continues and the Company has set surface casing to a depth of 1,057 metres and the intermediate hole has reached a depth of approximately 2,200 metres. The Company continues to expect the well to reach target depth of approximately 6,100 metres either in late 2012 or early 2013. Testing will follow reaching total depth.
The Company has also completed the initial design for its seismic program over Blocks 2-3. Petromanas and Shell, its joint venture partner, are currently working with third-party contractors to finalize logistical preparations for the program, which is expected to begin in the fourth quarter. The program has been designed to further delineate the Shpirag prospect for appraisal drilling and improve the data quality over other prospects and leads on the Blocks. This additional data is expected to contribute to the selection of future drilling locations. Shell will carry the first $20 million dollars of this seismic program with any excess amount will be shared equally by both parties.
Petromanas has also sourced a shallow rig to drill the Juban prospect located in Blocks A-B onshore Albania. The Company has received all necessary permits and lease and access road construction is complete. Drilling of the Juban-1 well is expected to begin early in the fourth quarter of 2012 following receipt of approval of the rig assignment from the Albanian government. The Company intends to drill the well to a target depth of approximately 2,600 metres.
"In parallel with our drilling and seismic activities at Shpiragu we are also near completion of the necessary preparations to commence drilling at Juban-1 later this year," said Mr. Glenn McNamara, CEO of Petromanas.
Management is currently finalizing its options and plans for completing its 2012 PSC commitments in Blocks D-E.
The Company today also announced that it has filed its financial statements and related Management's Discussion and Analysis ("MD&A") for the three months ended June 30, 2012 on SEDAR. The financial statements and MD&A are available on the Company's website or at www.SEDAR.com.
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.
The foregoing information may contain forward-looking information relating to the future performance of the Company, including but not limited to the timing and drilling of the Shpirag-2 and Juban-1 wells, the seismic program planned for Blocks 2-3 and the Company's ability to meet its commitments on Blocks D-E. 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 Ave. SW, 10th Floor
Calgary, Alberta T2P 3C4
Tel: +1 403 218 2835
Fax: +1 403 218 2830