CALGARY, July 17, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today provided an update on its exploration activities on Blocks 2-3.
Shpirag-2 and Molisht-1
The Shpirag-2 well reached total depth of 5,547 meters in late June and the Company has completed setting the production liner. The rig has been released and will be mobilized to the Molisht-1 drill site upon completion of road and lease construction. Stimulation and testing equipment rig up will commence once the drilling rig is off the Shpirag-2 lease. The Company intends to test in the range of 350-400 metres of the target carbonate zone. Timing for the rig move and commencement of testing operations is expected to be mid-August 2013.
Blocks 2-3 Seismic Program
The 2013 seismic program on Blocks 2-3 continues to move ahead with recording now approximately 45% complete. Under the terms of the Company's amended Farm-Out Agreement with Royal Dutch Shell, the Company's estimated net cost on the US $40 million seismic program will be approximately US $1 million.
"We are finalizing the necessary preparations to flow test the Shpirag-2 well this quarter," said Mr. Glenn McNamara, CEO of Petromanas. "Our 2013 seismic program, which is critical to expanding our understanding of the subsurface, will enable us to further refine our future drilling plans and is advancing as planned. We expect the 2013 seismic program to be completed either late this year or in early 2014."
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 two Production Sharing Contracts ("PSCs") with the Albanian government. Under the terms of the PSCs, Petromanas has a 100% working interest in Blocks D and E and a 25% working interest in Blocks 2-3 that comprise more than 1.1 million 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 are 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 the Company, including but not limited to the completion and testing of the Shpirag-2 well, the spudding of the Molisht-1 well and the completion of the Company's 2013 seismic program. In respect of the forward-looking information concerning the future performance of the Company, 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 and the Company's ability to meet its operational commitments, the ability of Petromanas to receive, in a timely manner, the 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 address future events and conditions, by their very nature they involve 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 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; 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 the Company may be unable to complete the completion and testing of the Shpirag-2 well at costs estimated and in the manner described in this press release or at all. There is a specific risk that the Company may not be able to complete the 2013 seismic program at the costs estimated in this press release or at all. If the Company is unable to complete and test the Shpirag-2 well at costs estimated and in the manner described in this press release or at all and/or the closing conditions in the Agreement are not met, there could be a material adverse impact on the Company and on the value of the Company's securities.
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, 2011 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
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