Petromanas Wins New Rig for 2015/16 Drilling in Albania

Canada-based oil and gas company Petromanas Energy said on Wednesday it had entered into a definitive agreement with a third party to secure a 3,000 horsepower heavy drilling rig for use in its planned 2015/16 drilling program in Albania.

Under the terms of the contract, which hasan initial term of two years with an option for extension, the rig is expected to be mobilized to Albania in late 2014 or early 2015.

Petromanas intends to release its current rig upon the conclusion of drilling operations at the Molisht-1 well on Blocks 2-3.

"The new rig we have sourced is designed to deal with the rigours of the deep, geologically complex wells we are drilling in Albania," Glenn McNamara, chief executive officer of Petromanas, said.

"The joint venture intends to use the new rig to drill its third and fourth wells on Blocks 2-3, which will be appraisal wells to the Shpirag-2 discovery well."

Petromanas Energy Inc. is an international oil and gas company focused on the exploration and development of its assets in Albania. Petromanas, through its wholly-owned subsidiary, holds two production sharing contracts with the Albanian government. Under the terms of the contracts, Petromanas has a 100% working interest in Blocks D and E and a 25% working interest in Blocks 2-3 that comprise more than 1.1 million gross acres across Albania's Berati thrust belt. Petromanas also holds exploration assets in France and Australia.

Source:SeeNews