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Petromanas updates drilling and seismic programs on Blocks 2-3

Tuesday, Feb 12, 2013

CALGARY, Feb. 11, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today provided an update on its Albanian operations, including its ongoing drilling and seismic programs on Blocks 2-3.

The Shpirag-2 well is currently at a depth of approximately 4,800 metres and is sidetracking in a lower Flysch shale zone, and will then drill ahead, as planned, into the targeted carbonate reservoir zone.

In late December 2012 Petromanas announced that it had reached the top of the carbonate reservoir zone at a depth of approximately 4,750 metres and set casing. On drilling ahead, the Company encountered an additional layer of Flysch shale beneath this carbonate. It was interpreted that the encountered carbonate zone was a small, shallower carbonate imbricate structure that was not identifiable on seismic. Drilling ahead through the lower Flysch shale, the Shpirag-2 wellbore reached a depth of approximately 5,200 metres, immediately above the targeted carbonate structure. On a recent trip into the hole, the
drill string became stuck due to wellbore instability and the well is currently sidetracking.

Once the sidetracked well drills into the targeted carbonate structure, the Company does not intend to provide any updates with respect to drilling depth or comment on the presence or absence of hydrocarbons until the hole reaches total depth and sufficient analysis has been completed. When the Shpirag-2 well reaches total depth the Company plans to log, complete, and flow test the well, if warranted. Planning and logistics are in the final stages of preparation for well completion and test operations.

"Throughout the drilling operation Petromanas has worked closely with our joint venture partner and has taken a number of steps to proactively mitigate instability in the hole as we drill ahead," said Mr. Glenn McNamara, CEO of Petromanas.  "We are continuing to work to find solutions to the challenges we are facing so that we can drill this well to its planned total depth and get a complete assessment of the target carbonate reservoir."

Petromanas has completed the Environmental and Social Impact Assessment and civil engineering work for two additional potential drilling locations on Blocks 2-3 and received the necessary environmental permits from the Albanian Government. The Company has applied for civil construction permits to build the access road and well site for the next location. In addition, the joint venture has initiated feasibility and design work on an early production system that could enable long term testing and early production of the current well and future Blocks 2-3 wells.

Petromanas has also concluded the tender process for the next stage of the Blocks 2-3 seismic program and awarded the contract to Geotec Spa of Italy.

Under the terms of the Company's Farm-Out Agreement with Royal Dutch Shell plc, Shell will carry the first $20 million of the Blocks 2-3 seismic program, including the test line which was shot in 2012 and is currently being processed.

Any costs in excess of that amount will be shared equally by both parties.

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 three Production Sharing Contracts ("PSCs") with the Albanian government.  Under the terms of the PSCs, Petromanas has a 100% working interest in Blocks A, B, D, and E and a 50% working interest in Blocks 2 and 3 that comprise more than 1.4 million gross acres across Albania's Berati thrust belt. Petromanas also holds exploration assets in France and Australia.

SOURCE Petromanas Energy Inc.

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