Albania to Ask Petromanas Compensation for Operations Delay

Canada-based Petromanas confirmed its planned activities in Albania, despite some difficulties with the local government for licenses in Blocks D-E. 

It announced on Tuesday that the Albanian National Agency of Natural Resources would soon request a $5.4 million payment as compensation for the financial commitment that was not completed by Petromanas in the second exploration period.

The Canadian company said it did not honour the commitment because of the tight schedule that did not allow it to source a rig and drill a well.

Petromanas has a 100% working interest in Blocks D-E totalling 259,650 gross acres.

‘Management believes that Blocks D-E have a higher risk profile than Blocks 2-3,’ reads a note released on Tuesday.

The company also wrote that operations on the Molisht-1 and Shpirag-2 wells would continue as scheduled. 

“With the positive data we have on the Shpirag-2 discovery and additional seismic becoming available on Blocks 2-3, near-term next steps include obtaining an updated resource report generated by an independent third party in Q2 2014 and completing the drilling and testing of Molisht-1 in Q3 2014,” Glenn McNamara, CEO of Petromanas, commented.