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Albania: Resource estimated on six land prospects

An independent resource evaluation of six prospects of the 14 original prospects and leads on Petromanas Energy Inc.’s three production sharing contracts in Albania yielded a combined best estimate of 214.8 million bbl of oil alone, the company said.

When oil, solution gas, associated gas, and condensate are included, the prospective resource in the six features totals 347.8 million bbl of oil equivalent including the 214.8 million bbl of oil.

The features are Shpiragu 129.6 million boe, Molishti 90.7 million boe, West Rova 42.7 million boe, Papri 40.7 million boe, Jubani 34.4 million boe, and West Gjurica 9.7 million boe.

Additional prospective resource potential remains in other similar undrilled carbonate structures and potential clastic stratigraphic plays and deep carbonate subthrust plays. The company seeks rigs for its 2012 drilling program, which is not dependent on securing a joint venture partner.

There is also potential for a deep subthrust play on the eastern side of the northern blocks. This type play may be difficult to image and map seismically, but analogs include Shell’s Tay River field in Alberta and the Tempa Rossa/Val D’Agri oil complex in Italy’s southern Apennine subthrust. A potential fairway for gas and-or shallow oil stratigraphically trapped in clastics has been identified on the company’s northern blocks.


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