Operations

Overview

Petromanas Energy Inc., assets cover three production sharing contracts (PSCs) of six blocks across Albania's fold and thrust belt. These contracts, which are held and operated by Petromanas' 100% subsidiary Manas Adriatic GmbH contain licenses for Blocks A, B, D E, 2 and 3 which represents the majority of Albania's prospective exploration acreage.

The blocks include a light oil discovery made by Occidental Petroleum drilled in 2001 which proves the existence of light oil in the geologic section. All of Bankers Petroleum's production is derived from shallow reservoirs in excluded zones within Petromanas' Block 3. The primary exploration targets of Petromanas are sub-thrust fractured carbonate reservoirs.

An independent resource report conducted by Gustavson Associates in December 2009 assigns significant prospective resources on these blocks. Petromanas is in the process of highgrading the acreage and acquiring seismic data prior to drilling.

Hydrocarbon law allows oil to be directly exported by the existing pipeline network and harbor facilities or the oil can be refined for domestic use at two existing refineries located near Petromanas' acreage.