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Petromanas Energy Inc. has completed the initial design for its seismic program over blocks 2 and 3 onshore Albania.
Petromanas and Shell, its joint venture partner, are currently working with third-party contractors to finalize logistical preparations for the program, which is expected to begin in the fourth quarter. The program has been designed to further delineate the Shpirag prospect for appraisal drilling and improve the data quality over other prospects and leads on the blocks. The additional data is expected to contribute to the selection of future drilling locations. Shell will carry the first US $20 million dollars of this seismic program with any excess amount will be shared equally by both parties.
Petromanas also has sourced a shallow rig to drill the Juban prospect in Blocks A-B onshore Albania. The company has received all necessary permits, and lease and access road construction is complete. Drilling of the Juban-1 well is expected to begin early in the 4Q 2012 following receipt of approval of the rig assignment from the Albanian government.