Petromanas Provides Update on Shpirag-2 Well and Seismic Program on Blocks 2-3

Petromanas Energy Inc. (“Petromanas”, or the “Company”) (TSXV:PMI) announced yesterday that it has cased the Shpirag-2 well to the top of the main objective carbonate reservoir at a depth of 5,164 metres. The Company set casing from the previous casing depth of approximately 4,750 metres to put the lower zone of unstable flysch shale behind pipe. The well is currently drilling ahead in the upper carbonate zone at a depth of approximately 5,200 metres.
“Successfully casing to this point means we can turn our attention to the carbonate target zone, without having to worry about instability higher in the hole,” said Mr. Glenn McNamara, CEO of Petromanas. “We and our partner remain committed to drilling the target carbonate zone to a sufficient depth so we can run logs and gather sufficient information to assess the potential of this prospect.”
Total costs to drill the well to this point are approximately US$60 million or US$17 million net to Petromanas. Management estimates the total costs to drill the well to the target depth of 5,800 metres at approximately $67 million gross. The logistics planning and sourcing for the Shpirag-2 completion / testing program is in the final stages and will be mobilized once the well reaches total depth.
Petromanas today also announced that the 2013 seismic program on Blocks 2-3 is underway and that its contractor, Geotec SpA of Italy, has initiated survey work and the drilling of shot holes. Recording commenced on the 15th of April 2013. Under the terms of the Company’s Farm-Out Agreement with Royal Dutch Shell, the Company will be carried on the first $20 million expended on the Blocks 2-3 seismic program, including the test line which was shot in 2012 and which is currently being processed. Any costs in excess of that amount will be shared equally by both parties.

energjia.al, 23.04.2013