Overview
Petromanas Energy Inc. ("Petromanas" or the "Company") is an international oil and gas company focused on the exploration and development of its assets in Albania that possess world-class resource potential. The Company's shares are listed on the TSX Venture Exchange under the symbol "PMI".Through its wholly-owned subsidiary, Petromanas holds three Production Sharing Contracts ("PSCs") with the Albanian government. Under the terms of the PSCs, Petromanas has a 100% working interest in six onshore blocks (Blocks A, B, D, E, 2 & 3) that comprise more than 1.7 million acres across Albania's Berati thrust belt.
Petromanas' acreage lies within a proven hydrocarbon system. There are nine existing oil fields within Blocks 2 & 3, including the largest onshore oil field in Europe, Patos-Marinza, discovered in 1928 and currently operated by Bankers Petroleum Ltd. The existing fields are excluded from the area covered by Petromanas' PSCs.
Petromanas has merged historic and reprocessed 2D seismic with newly acquired 2D seismic and well data to develop a comprehensive picture of the geological trend and associated structures. To-date the Company has identified 14 conventional exploration prospects targeting sub-thrust hydrocarbon accumulations.
In 2001, Occidental Petroleum drilled the Shpiragu-1 well on Block 2 and penetrated a 600 meter column of light oil proving the geological model of the existence of a sub-thrust related structure under the Berati thrust belt. Shpiragu-1 produced intermittently up to 400 barrels per day of light, 37° degree API oil, before the well test was terminated due to the choke freezing from hydrates which caused flow problems.
Gustavson Associates LLC ("Gustavson") of Boulder, Colorado prepared Resource and Economic Evaluation Reports (dated December 15, 2009) according to Canadian NI 51-101 standards on all six of Petromanas' Albanian Blocks. Based on the reports prepared by Gustavson, the 14 prospects identified on Blocks A, B, D, E, 2 & 3 are estimated to contain significant prospective oil resource.
The Company is planning to shoot 105 kilometers of 2D seismic on Block E and 125 kilometers of 2D seismic on Blocks 2 & 3 prior the end of the year. Petromanas will process and interpret the new seismic and continue to mature its drillable exploration prospect inventory. A drilling program is expected to commence in 2011.