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Petromanas Energy Inc
Symbol PMI
Shares Issued 693,694,733
Close 2014-06-19 C$ 0.38
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Petromanas receives "encouraging" Molisht-1 LWD results

2014-06-20 07:45 ET - News Release

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 underlying carbonates."

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 total depth.

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