Petromanas has completed seismic work on Blocks D & E which moves the company one step closer to what many oil and gas gurus consider to be one of the last mega sized oil exploration plays left in the world available to retail investors. The exploration blocks Petromanas acquired cover 6,500 square kilometers, virtually all of Albania's currently explored acreage.

Exploration by blue chip oil and gas companies only opened in 1990. Communist rule had kept Albania's vast resource potential restrained up until that point. However civil unrest then drove out the early oil explorers but not before some interesting geological discoveries were made.

According to an independent resource valuation that reviewed the historic data, Gustavson Associates of Boulder, Colorado reported on December 15, 2009, that the Petromanas blocks contain 14 prospects with more than 6 billion barrels of prospective oil resources in a P50 scenario.

The report estimated P50 resources of 3.2 billion barrels in 11 prospects in Blocks A, B, D and E; and 2.8 billion barrels of P50 resources in three prospects: Blocks 2 and 3 - giving us a total of 6 billion barrels.

The primary exploration targets are deep, a minimum of 13,000 feet. Data from the 1990's showed a large Ionian formation extending over blocks A, B, D, E, 2 and 3. This is the main target area.

This year Petromanas has been building upon the historic data. The company has merged around 4,000 km of 2D seismic from previous exploration campaigns and constructed of clearer picture of the underground trend. An additional 189 km of 2D seismic was acquired covering Blocks A and B to fill in the picture underground more clearly while also re-processing about 800 km of historic seismic data.

This past week the company announced that 105 km of 2D seismic was shot on Blocks D and E. This work fulfills the work commitment for the first phase of exploration on those blocks. By combining the historic data with this new information the exploration risk will be reduced while helping to target high potential drilling locations.

Meanwhile seismic work has also continued on Blocks 2 and 3 which should be completed early this coming year. This seismic survey includes 140 km of 2D which is being shot around the very prospective Shpiragu Discovery.

Within Blocks 2 and 3 lies the Patos Marinza petroleum system, the largest onshore oil field in Western Europe. Not surprisingly, most of Albania's oil fields are located in this area. Over 300 million barrels of oil have been reported produced from shallower fields in this zone. Of particular interest to us is one of our best performing oil picks, Bankers Petroleum who have 5.7 billion barrels Original Oil in Place at the Patos Marinza oil field in Block 2.

Tags: Petromanas Energy Inc.