Mr. Glenn McNamara reports
PETROMANAS PROVIDES FURTHER UPDATE ON MOLISHT-1 DRILLING
Petromanas Energy Inc. today provided a further update on the
drilling of the Molisht-1 well onshore Albania. The well is located on
blocks 2-3, in which the company holds a 25-per-cent working interest and is
the operator, with Shell holding the remaining 75-per-cent interest.
As previously announced, the company encountered a carbonate structure at
a depth of approximately 4,174 metres and elected to case and cement
the well, putting approximately 900 metres of unstable flysch shale
behind pipe prior to drilling ahead. The Molisht-1 well penetrated
around 250 metres of Eocene carbonate section before encountering a
lower flysch shale zone. Based on encouraging logging-while-drilling
results in the upper Eocene carbonate, the company elected to
run intermediate wire-line logs. The borehole image analysis revealed
sections within the Eocene containing natural fractures. The
prospective carbonate reservoirs in Albania are the Eocene, Paleocene
and Cretaceous, with the Cretaceous being the primary target.
"The initial LWD interpretation is encouraging at this early stage,"
said Glenn McNamara, chief executive officer of Petromanas. "Our focus now returns to
deepening the well to identify further fracture networks in the
After considering a number of scenarios for the Molisht-1 well, the
company is electing to drill ahead using the current borehole. The
Molisht-1 well is currently drilling ahead at a depth of approximately
4,650 metres. Petromanas plans to continue drilling through this
section and now expects to drill the well to an estimated total depth
of up to 6,000 metres. Based on progress made with further drilling,
additional data acquisition and testing are planned to follow reaching
We seek Safe Harbor.
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