Petromanas Energy Inc. provided an update on its drilling and testing activities on Blocks 2-3, in which it holds a 25% working interest and is the Operator with Shell holding the remaining 75% interest, and its discussions with the Albanian government with respect to the Blocks D-E Production Sharing Contract (PSC), in which the Company holds a 100% working interest.
The Molisht-1 well has been drilled to a depth of approximately 3,270 metres. The Company logged the upper carbonate zone and has run and cemented the intermediate casing to this depth. This casing point is below the Berati fault, which the Company believes caused stability issues during the drilling of the Shpirag-2 well. Once drilling resumes, Petromanas expects to drill the well to a total depth of approximately 5,500 metres.