Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/petromanas-reports-spudding-of-shpirag-2-well.shtmlPetromanas reports spudding of Shpirag-2 well
Petromanas Energy Inc. reported the Shpirag-2 well located on Blocks 2-3 onshore Albania was spud on June 30, 2012 (CET). The Company intends
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Petromanas Energy Inc. reported the Shpirag-2 well located on Blocks 2-3 onshore Albania was spud on June 30, 2012 (CET). The Company intends to drill the well to a target depth of 6,100 metres. As previously indicated, the well is expected to take 150 - 180 days to drill to total depth (TD).
The anticipated gross cost of drilling the well to TD is approximately $31 million. Under the terms of the Company's Block 2-3 farm out agreement, the first $25 million of the well cost will be carried by the Company's partner and above that amount the Company will pay 50% of the well cost. Petromanas' estimated net drilling cost is $3 million.
