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Last C$0.07 CAD
Change Today +0.005 / 8.33%
Volume 263.3K
PMI On Other Exchanges
As of 9:53 AM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

petromanas energy inc (PMI) Snapshot

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05/26/14 - C$0.40
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petromanas energy inc (PMI) Details

Petromanas Energy Inc., an oil and gas company, acquires, explores, and develops oil and gas properties in Europe and Australia. The company holds a 25% working interest in Blocks 2-3 covering a total area of approximately 638,0000 gross acres in Berati thrust belt, Albania. It also has exploration rights to approximately 1.6 million acres in the Canning Basin in northwest Australia, as well as holds 170,000 acres spanning two permits in Aquitaine Basin, France. The company was formerly known as WWI Resources Ltd. and changed its name to Petromanas Energy Inc. in February 2010. Petromanas Energy Inc. was incorporated in 1998 and is headquartered in Calgary, Canada.

Founded in 1998

petromanas energy inc (PMI) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: C$320.0K
Chief Financial Officer, Corporate Secretary ...
Total Annual Compensation: C$270.0K
Vice President of Operations, Engineering & B...
Total Annual Compensation: C$157.6K
Vice President of Exploration
Total Annual Compensation: C$260.0K
Executive Advisor
Total Annual Compensation: C$87.2K
Compensation as of Fiscal Year 2013.

petromanas energy inc (PMI) Key Developments

Petromanas Energy Inc. Provides Update on Its Activities in Blocks 2-3 Onshore Albania

Petromanas Energy Inc. announced an update on its activities in Blocks 2-3 onshore Albania. Molisht-1 Well: Petromanas has provided a phased appraisal plan to the Albanian Government for the Shpirag-2 discovery and entered the second exploration period under the Blocks 2-3 PSC on June 3, 2014. The second exploration period has a two-year term. The appraisal plan contemplates drilling additional wells, planning additional seismic, continued fracture studies and the scoping of extended testing facilities. This plan includes the Molisht-1 well which is currently drilling, followed by the Shpirag-3 well located approximately three kilometres south of Shpirag-2. Long lead items have been ordered for Shpirag-3 and the lease and access road construction that commenced in June is substantially complete. Conductor pipe has been set at the drill site. Subsequently, drilling ahead from 4,650 metres, the Company encountered challenges in drilling the lower flysch zone due to poor hole stability caused by the extensive fracturing. The drill bit became stuck on two occasions which required sidetracks to be drilled and has extended the timeframe for drilling operations. Management is encouraged that the oil shows and fractures observed in the Eocene are indicative of the conditions that will be encountered in the Cretaceous age target reservoir. The well is currently drilling ahead in the lower flysch zone at a depth of approximately 4,500 metres. The Company expects to drill the well up to a total depth of approximately 5,800 metres with the anticipation that drilling will be completed in the fourth quarter.

Petromanas Energy Inc. Provides Update on Molisht-1 Drilling

Petromanas Energy Inc. provided a further update on the drilling of the Molisht-1 well onshore Albania. The well is located on Blocks 2-3, in which the company holds a 25% working interest and is the operator with Shell holding the remaining 75% interest. As previously announced the company encountered a carbonate structure at a depth of approximately 4,174 metres and elected to case and cement the well, putting approximately 900 metres of unstable flysch shale behind pipe prior to drilling ahead. The Molisht-1 well penetrated around 250 metres of Eocene carbonate section, before encountering a lower flysch shale zone. Based on encouraging logging while drilling results in the upper Eocene carbonate, the company elected to run intermediate wireline logs. The bore-hole image analysis revealed sections within the Eocene containing natural fractures. The prospective carbonate reservoirs in Albania are the Eocene, Paleocene and Cretaceous with the Cretaceous being the primary target. After considering a number of scenarios for the Molisht-1 well, the company is electing to drill ahead using the current bore hole. The Molisht-1 well is currently drilling ahead at a depth of approximately 4,650 metres. Petromanas plans to continue drilling through this section and now expects to drill the well to an estimated total depth of up to 6,000 metres. Based on progress made with further drilling, additional data acquisition and testing is planned to follow reaching total depth.

Petromanas Energy Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Announces Impairment for the First Quarter Ended March 31, 2014

Petromanas Energy Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company announced net loss of $25,294,000 or $0.04 per basic and diluted share compared to net income of $670,000 or $0.00 per basic and diluted share for the same period a year ago. Cash flows used in operating activities was $1,389,000 compared to $1,459,000 for the same period a year ago. Purchase of property and equipment was $4,000 compared to $139,000 for the same period a year ago. Exploration and evaluation expenditures were $394,000 compared to $10,041,000 for the same period a year ago. For the first quarter ended March 31, 2014, the company announced impairment of $22,895,000.


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