Petromanas Energy Inc. provided an update on its exploration activities on Blocks 2-3.

The Shpirag-2 well reached total depth of 5,547 meters in late June and the Company has completed setting the production liner. The rig has been released and will be mobilized to the Molisht-1 drill site upon completion of road and lease construction. Stimulation and testing equipment rig up will commence once the drilling rig is off the Shpirag-2 lease. The Company intends to test in the range of 350-400 metres of the target carbonate zone. Timing for the rig move and commencement of testing operations is expected to be mid-August 2013.

The 2013 seismic program on Blocks 2-3 continues to move ahead with recording now approximately 45% complete. Under the terms of the Company's amended Farm-Out Agreement with Royal Dutch Shell, the Company's estimated net cost on the US $40 million seismic program will be approximately US $1 million.

Tags: Petromanas Energy Inc.