CALGARY, Sept. 24, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the
"Company") (TSXV: PMI) today provided an update on its exploration activities
on Blocks 2-3 onshore Albania.
The Shpirag-2 well reached total depth of 5,547 meters in late June and the
Company subsequently set the production liner and released the rig on July 13.
Lease and tankage preparation has been underway since the rig was moved off
the Shpirag-2 lease in mid-August. Testing equipment has arrived in country
and is currently being rigged up. Testing operations will commence immediately
following completion of rig up. The Company intends to conduct a controlled
test of approximately 350-400 metres of the target carbonate zone with test
duration dictated by a number of factors, including surface equipment
capacity. The test is expected to include a 30-day pressure build-up after an
initial flow test and acidization of the well. Results of testing are expected
in the fourth quarter.
The Molisht-1 well was spud August 20, 2013 and conductor and surface casing
has been set. The well is drilling ahead at a depth of approximately 600
metres. The Company expects to drill the well to a total depth (TD) of
approximately 5,500 metres and drilling operations are expected to take
approximately nine months from spud. Petromanas' estimated net drilling cost
is USD $3 million.
Blocks 2-3 Seismic Program
The investigation conducted by the Investigation Board of the Albanian
Ministry of Transport following the helicopter incident involving a third
party contractor announced on August 13, 2013 was completed in late August and
helicopter operations subsequently resumed. Shooting for the planned 2013
seismic program is expected to conclude before the end of the year.
"We are currently working to complete rig up of all necessary equipment so
that we can start initial testing at Shpirag-2," said Mr. Glenn McNamara, CEO
of Petromanas. "In the meantime, our drilling activities at Molisht-1 and our
seismic program spanning Blocks 2-3 continue to move ahead in accordance with
About Petromanas Energy Inc.
Petromanas Energy Inc. is an international oil and gas company focused on the
exploration and development of its assets in Albania. Petromanas, through its
wholly-owned subsidiary, holds two Production Sharing Contracts ("PSCs") with
the Albanian government. Under the terms of the PSCs, Petromanas has a 100%
working interest in Blocks D and E and a 25% working interest in Blocks 2-3
that comprise more than 1.1 million gross acres across Albania's Berati thrust
belt. Petromanas also holds exploration assets in France and Australia.
This press release contains forward-looking information within the meaning of
applicable securities laws and is based on the expectations, estimates and
projections of management of Petromanas as of the date of this news release
unless otherwise stated. The use of any of the words "expect", "anticipate",
"continue", "estimate", "objective", "ongoing", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are intended
to identify forward-looking information. More particularly and without
limitation, this press release contains forward-looking information concerning
the future performance of the Company, including but not limited to the
testing of the Shpirag-2 well, the drilling and cost of the Molisht-1 well and
the timing and completion of the Company's 2013 seismic program. In respect of
the forward-looking information concerning the future performance of the
Company, Petromanas has provided such in reliance on certain assumptions that
it believes are reasonable at this time, including assumptions as to the
timing and drilling of wells and the Company's ability to meet its operational
commitments, the ability of Petromanas to receive, in a timely manner, the
necessary regulatory and governmental operational approvals; and expectations
and assumptions concerning, among other things: commodity prices and interest
and foreign exchange rates; planned construction activities, capital
efficiencies and cost-savings; applicable tax laws; the sufficiency of
budgeted capital expenditures in carrying out planned activities; and the
availability and cost of labour and services. Accordingly, readers should
not place undue reliance on the forward-looking information contained in this
Since forward-looking information addresses future events and conditions, by
its very nature it involves inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to the risks associated
with the industries in which Petromanas operates in general such as
operational and exploration risks; delays or changes in plans with respect to
growth projects or capital expenditures; delays in obtaining governmental
approvals, permits or financing or political risks in the completion of
development or construction activities; access to drilling rigs, completion
equipment, seismic equipment and operational personnel; costs and expenses;
political risks; risks of litigation; title disputes; health, safety and
environmental risks; commodity price, interest rate and exchange rate
fluctuations; environmental risks; competition; ability to access sufficient
capital from internal and external sources; and changes in legislation,
including but not limited to tax laws and environmental regulations. There
is a specific risk that the Company may be unable to complete the drilling,
completion and testing of the Shpirag-2 and Molisht-1 wells at costs estimated
and in the manner described in this press release or at all. There is a
specific risk that the Company may not be able to complete the 2013 seismic
program in the timeframe estimated in this press release or at all. If the
Company is unable to complete and test the Shpirag-2 well in the manner
described or the drilling of the Molisht-1 well at the costs estimated or in
the manner described in this press release or at all, there could be a
material adverse impact on the Company and on the value of the Company's
Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the operations or
financial results of Petromanas are included in reports on file with
applicable securities regulatory authorities, including but not limited to;
Petromanas' Annual Information Form for the year ended December 31, 2011 which
may be accessed on Petromanas' SEDAR profile at www.sedar.com.
The forward-looking information contained in this press release is made as of
the date hereof and Petromanas undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by applicable
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Petromanas Energy Inc.
Glenn McNamara, CEO Bill Cummins, CFO Petromanas Energy Inc. Suite 1720, 734 -
7th Avenue SW Calgary, Alberta Canada T2P 3P8 Tel: +1 403 457 4400 Fax: +1 403
457 4480 Email:firstname.lastname@example.org Website:www.petromanas.com Nick Hurst
The Equicom Group 300 - 5th Avenue SW, 10th Floor Calgary, Alberta Canada T2P
3C4 Tel: +1 403 218 2835 Fax: +1 403 218 2830 Email:email@example.com
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