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Petromanas Energy: A Big End To The Year?

ByTommy Humphreys
Published 08/27/2013, 01:48 AM
Updated 07/09/2023, 06:31 AM

Shares in Petromanas Energy (TSX-V:PMI) are up approx. 65% since the Calgary-based, Albania-focused oil and gas explorer announced an operational update and Q2 results last Thursday.
Petromanas is exploring Blocks 2-3 in Albania with super-major Shell (75%).

At the Shpirag-2 target (pictured), PMI intends to conduct a controlled test of approximately 350-400 metres of the target carbonate zone. Testing is scheduled to run from mid-September 2013 until October, with results expected sometime in the fourth quarter.

The drill has been moved to the Molisht-1 target, approximately 17 kilometres south of Shpirag-2, and was spud on August 20, 2013. PMI expects to drill the well to approximately 5,500 meters over the next nine months.

Both Shpirag-2 and Molisht-1 are testing sizeable light oil targets in Southern Albania, which the company believes are analogous to the highly productive Val’d Argri oil field in Italy.

A light oil discovery onshore in Albania could potentially be very valuable, which is why the company was able to attract Shell as a joint venture partner.

Exploration on blocks 2-3 has not been without difficulty. Results from the Shpirag-2 well are several months behind and Shell has increased their interest in the project to 75% from 50% to cope with rising costs, leaving PMI with 25%.

Resource mogul Frank Giustra is on the PMI board of directors and he tells us that Petromanas is his highest risk, highest potential investment.

We have visited PMI’s Albanian operations and have owned the stock on and off since 2011.

Here’s the 3 year PMI chart:
Historic Chart
Disclaimer: Do your own due diligence.

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