Petromanas Provides Update on Blocks 2-3 Exploration Program

Petromanas Energy Inc. (“Petromanas” or the “Company”) (TSXV: PMI) today provided an update on its exploration activities on Blocks 2-3.

Shpirag-2 and Molisht-1

The Shpirag-2 well reached total depth of 5,547 meters in late June and the Company has completed setting the production liner. The rig has been released and will be mobilized to the Molisht-1 drill site upon completion of road and lease construction. Stimulation and testing equipment rig up will commence once the drilling rig is off the Shpirag-2 lease. The Company intends to test in the range of 350-400 metres of the target carbonate zone. Timing for the rig move and commencement of testing operations is expected to be mid-August 2013.

Blocks 2-3 Seismic Program

The 2013 seismic program on Blocks 2-3 continues to move ahead with recording now approximately 45% complete. Under the terms of the Company’s amended Farm-Out Agreement with Royal Dutch Shell, the Company’s estimated net cost on the US $40 million seismic program will be approximately US $1 million.

“We are finalizing the necessary preparations to flow test the Shpirag-2 well this quarter,” said Mr. Glenn McNamara, CEO of Petromanas. “Our 2013 seismic program, which is critical to expanding our understanding of the subsurface, will enable us to further refine our future drilling plans and is advancing as planned. We expect the 2013 seismic program to be completed either late this year or in early 2014.”

energjia.al, 18.07.2013