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