Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today announced that based on its previously disclosed well results and initial positive 30 day pressure build-up data from the Shpirag-2 well, it has officially informed the Albanian government of a discovery on Blocks 2-3, onshore Albania in which it holds a 25% working interest and is the operator with Shell holding the remaining 75% interest.
Pursuant to the terms of the Production Sharing Contract for Blocks 2-3, the Company must notify the government whether it considers the discovery to be worthy of appraisal as a potential commercial discovery within 60 days after the notice of discovery. An appraisal plan would also be submitted at that time. The first well in the appraisal program is expected to be Shpirag-3, located approximately three kilometres to the south of the Shpirag-2 well. Drilling at Shpirag-3 is expected to commence following completion of drilling at Molisht-1.
The Company has completed the 30 day pressure build-up on the Shpirag-2 well and pulled the data recorders from the hole. Initial information following the three-day flow test indicates the formation has returned to expected reservoir pressures. All recorded data from the month-long test has been sent for further analysis. The well has been suspended until next steps have been determined.
"We remain pleased with the initial performance of this well and are eager to begin moving ahead with the design of an appraisal program while drilling of the Molisht-1 well continues," said Glenn McNamara, CEO of Petromanas. "Once we have analyzed all of the data from the 30-day build up test we expect to be in a better position to make a determination with respect to next steps for the Shpirag-2 well."
Molisht-1
The Molisht-1 well is currently drilling at a depth of approximately 2,200
metres. Consistent with the Company's experience at Shpirag-2, the well
encountered a series of anticipated lost circulation zones in the upper
carbonate which have been resolved. These lost circulation zones resulted from extensive fracturing of the upper carbonate sheet. Petromanas expects to drill the well to a total depth of approximately 5,500 metres.
Blocks 2-3 Seismic Program
The Company's contractors have now completed all data acquisition for the 456 km 2D seismic program. Seismic processing and interpretation is now underway and expected to continue throughout 2014. The data from the program will be used to identify additional drilling targets on Blocks 2-3.
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.
