CALGARY, Oct. 8, 2014 /CNW/ - Petromanas Energy Inc.
("Petromanas" or the "Company") (TSXV: PMI) today announced that,
through its wholly-owned subsidiary Petromanas Albania GmBH and as
operator of a joint venture with Shell Upstream Albania ("Shell")
in Blocks 2-3, it has 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. The contract has an
initial term of two years with an option for extension. Under the
terms of the agreement, the rig is expected to be mobilized
to Albania in late 2014 or early 2015. The Company
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," said Glenn McNamara, Chief Executive Officer of
Petromanas. "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 holds a 25% working interest in Blocks 2-3 and is the
operator with Shell holding the remaining 75% interest.
About Petromanas Energy Inc.
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 a Production Sharing Contract
("PSC") with the Albanian government. Under the terms of the
PSC, Petromanas has a 25% working interest in Blocks 2-3 that
comprise more than 850,000 gross acres across Albania's Berati thrust belt. Petromanas also
holds exploration assets in France
and Australia.
This press release contains forward-looking information within
the meaning of applicable securities laws and is based on the
expectations, estimates and projections of management of Petromanas
as of the date of this news release unless otherwise stated. The
use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information. More particularly
and without limitation, this press release contains forward-looking
information concerning the future performance of Petromanas,
including but not limited to: timing for the release of the
current rig, the KCA Deutag T-46, mobilization dates for the new
3,000 horsepower heavy drilling rig, Petromanas' expectations for
such rig's use on Blocks 2-3 as well as such rig's performance
characteristics and abilities.In respect of such forward-looking
information, Petromanas has provided such in reliance on certain
assumptions that it believes are reasonable at this time, including
assumptions as to the timing and drilling of wells, the performance
of the 3,000 horsepower heavy drilling rig being consistent with
past performance of comparable rigs, the Company's ability to meet
its operational commitments, the ability of Petromanas to receive,
in a timely manner, necessary regulatory and governmental
operational approvals; and expectations and assumptions concerning,
among other things: commodity prices and interest and foreign
exchange rates; planned construction activities, capital
efficiencies and cost-savings; applicable tax laws; the sufficiency
of budgeted capital expenditures in carrying out planned
activities; and the availability and cost of labour and
services. Accordingly, readers should not place undue
reliance on the forward-looking information contained in this press
release.
Since forward-looking information addresses future events and
conditions, by its very nature it involves inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to the risks associated with the
industries in which Petromanas operates in general such as
operational and exploration risks; delays or changes in plans with
respect to growth projects or capital expenditures; delays in
obtaining or the failure to obtain governmental approvals, permits
or financing or political risks in the completion of development or
construction activities; access to drilling rigs, completion
equipment, seismic equipment and operational personnel; costs and
expenses; political risks; risks of litigation; title disputes;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not
limited to tax laws and environmental regulations. There is a
specific risk that drilling time may not be reduced as a result of
the new drilling rig.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could
affect the operations or financial results of Petromanas are
included in reports on file with applicable securities regulatory
authorities, including but not limited to; Petromanas' Annual
Information Form for the year ended December
31, 2013, which may be accessed on Petromanas' SEDAR profile
at www.sedar.com.
The forward-looking information contained in this press release
is made as of the date hereof and Petromanas undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Petromanas Energy Inc.