Petromanas Energy Inc. announced that based on its previously disclosed well results and initial positive 30 day pressure build-up data from the Shpirag-2 well, it has officially informed the Albanian government of a discovery on Blocks 2-3, onshore Albania in which it holds a 25% working interest and is the operator with Shell holding the remaining 75% interest.
Pursuant to the terms of the Production Sharing Contract for Blocks 2-3, the Company must notify the government whether it considers the discovery to be worthy of appraisal as a potential commercial discovery within 60 days after the notice of discovery. An appraisal plan would also be submitted at that time. 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.