Coming off the recent discovery at the Shpirag-2 well, (25% WI with operatorship; Shell 75% non-operator), where they tested flow rates of 1,500-2,200boe/d and hit an 800m oil column; Petromanas (PMI:TSX) announced today they have added international depth to their board of directors by brining on Gen. Wesley K. Clark, U.S. Army (retired). Gen. Clark retired a four-star general after 38 years in the U.S. Army. He graduated first in his class at West Point, and completed degrees in philosophy, politics and economics at Oxford University (BA and MA) as a Rhodes scholar. In his last assignment as supreme allied commander, Europe, he led NATO forces to victory in operation Allied Force, saving 1.5 million Albanians from ethnic cleansing.
His awards include the Presidential Medal of Freedom, Defense Distinguished Service Medal (five awards), silver star, bronze star, purple heart, honorary knighthoods from the British and Dutch governments, and numerous other awards from other governments, including award of Commander of the Legion of Honor (France).
Gen. Clark is the Chairman and CEO of Wesley K. Clark & Associates, a strategic consulting firm and co-chairman of Growth Energy. He also serves as a member of the Clinton Global Initiative’s energy and climate change advisory board and ACORE’s advisory board. Earlier this year, Gen. Clark publically endorsed Hilary Clinton in her 2016 US presidential campaign.
PMI also updated investors on their ongoing discussions to find joint venture partners for their Australian assets. The company has engaged Macquarie and expects bids by January 2014. Up for sale are two exploration licenses; the EP 464 (608,700 acres) and the EP 486 (1 million acres) located in the Canning Basin. The company owns 100% working interest in the licenses but are working in connection with the Australian government.
Disclaimer: Exploration stocks such as Petromanas Energy (PMI) are extremely risky. This is not advice or a recommendation to buy shares in any company. We own a position in PMI and are biased. Always do your own due diligence.