Petromanas considers joint venture and targets a potential Albanian well with a prospective 150 million barrels of oil

TIRANA, April 15ؐetromanas on Wednesday released their corporate presentation protraying their next steps in their blueprint for value creation in Albania. The steps include targeting existing structure and drill two shallow prospects specifically noting the Jubani prospect on Block A, which they target 150 million P50 prospective barrels of oil, top of the structure is 1,300 meters and the drilling cost is estimated at US$5 million. They have also reported that they are considering farming‐out working interest or taking on a joint venture partner on certain prospects to lower the upfront capital commitment while maintaining considerable upside upon success
Petromanas Energy Inc. is an international oil and gas company focused on the exploration and development of its assets in Albania that possess world-class resource potential. The Company’s shares are listed on the TSX Venture Exchange under the symbol “PMI”.
Through its wholly-owned subsidiary, Petromanas holds three Production Sharing Contracts (“PSCs”) with the Albanian government. Under the terms of the PSCs, Petromanas has a 100% working interest in six onshore blocks (Blocks A,B,D,E,2 & 3) that comprise more than 1.7 million acres across Albania’s Berati thrust belt.
Petromanas’ acreage lies within a proven hydrocarbon system. In fact, there are nine existing oil fields within Blocks 2 & 3, including the largest onshore oil field in Europe, Patos-Marinza, discovered in 1928 and currently operated by Bankers Petroleum Ltd. The existing fields are excluded from the area covered by Petromanas’ PSCs.
Petromanas was the fist company to accumulate and merge over 5,700 kilometers of historic and reprocessed 2D seismic with newly acquired 2D seismic and well data to develop a comprehensive picture of the geological trend and associated structures. To-date the Company has identified 14 conventional exploration prospects targeting sub-thrust hydrocarbon accumulations.