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Albania: Petromanas to drill Juban exploratory well

Petromanas Energy Inc., Calgary, has sourced a shallow rig to drill the Juban prospect on Blocks A-B onshore Albania.

Following approval of the rig assignment by the government, the company would spud the well early in the 2012 fourth quarter and drill to 2,600 m.

Meanwhile, the Shpirag-2 well on Blocks 2-3 has surface casing set at 1,057 m and is drilling in intermediate hole at 2,200 m towards an expected total depth of 6,100 m.

Petromanas has completed the initial design of its seismic program on Blocks 2-3 and is working with its joint venture partner Shell to begin the program in the fourth quarter. The program is designed to further delineate the Shpirag prospect for appraisal drilling and improve data quality over other prospects and leads on the blocks. Shell will carry the first $20 million, and both parties will share any excess cost equally.

Petromansa management is finalizing options and plans for completing its 2012 PSC commitments on Blocks D-E.


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