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Petromanas announces oil discovery in Albania

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Staff writer ▼ | January 14, 2014
Petromanas EnergyPetromanas Energy has officially informed the Albanian government of a discovery on Blocks 2-3, onshore Albania in which it holds a 25% working interest and is the operator with Shell holding the remaining 75% interest.

Pursuant to the terms of the Production Sharing Contract for Blocks 2-3, the company must notify the government whether it considers the discovery to be worthy of appraisal as a potential commercial discovery within 60 days after the notice of discovery. An appraisal plan would also be submitted at that time.

The first well in the appraisal program is expected to be Shpirag-3, located approximately three kilometres to the south of the Shpirag-2 well. Drilling at Shpirag-3 is expected to commence following completion of drilling at Molisht-1.

The company has completed the 30 day pressure build-up on the Shpirag-2 well and pulled the data recorders from the hole. Initial information following the three-day flow test indicates the formation has returned to expected reservoir pressures. All recorded data from the month-long test has been sent for further analysis. The well has been suspended until next steps have been determined.

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