Albania: Petromanas updates Shpirag, drops Blocks A-B

Petromanas Energy Inc., Calgary, has won Albanian government approval for three more exploratory well locations on Blocks 2-3 and has chosen not to enter the third exploration phase on Blocks A-B in Albania.

The government approved road and lease construction permits at the Molisht-1 site and two other drilling locations along the Shpirag structure on Blocks 2-3. Petromanas will begin work within 2 weeks.

Molisht is to be drilled after Shpirag-2, which is at 5,500 m in the target carbonate reservoir enroute to a proposed 5,800 m final depth.

In December 2012, after drilling and logging the Juban-1 well, the company completed its work commitments under the second of three phases outlined in the production sharing contract covering Blocks A-B.

Logs at Juban-1 indicated the presence of negligible hydrocarbons, and Petromanas has elected not to enter the third exploration phase on Blocks A-B. After remediating the Juban wellsite at a cost of $295,000, the company will relinquish the 346,000-acre land position in Blocks A-B. It will expense the $19 million carrying value of the blocks.

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