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.
Operational Update
Shpirag-2
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.
Molisht-1
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 our expectations."
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 press
release.
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 securities.
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 securities laws.
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.