Petromanas Announces Discovery Onshore Albania

Canada-based Petromanas announced a discovery on Blocks 2-3 onshore Albania. The company is the operator with a 25% working interest. Shell holds the remaining 75% interest.

"We remain pleased with the initial performance of this well and are eager to begin moving ahead with the design of an appraisal program while drilling of the Molisht-1 well continues," Glenn McNamara, CEO of Petromanas, commented in a note released on Thursday.

Petromanas must notify the government within 60 days whether it considers the discovery to be worthy of appraisal as a potential commercial discovery.

‘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,’ reads the note.

Eventual operations on the well will start after the analysis of recorded data from the month-long test. 

Initial information following the three-day flow test suggests the formation has returned to expected reservoir pressures.