Petromanas Energy (PMI:TSXV) is a junior oil company exploring for light oil on shore in Albania in a partnership with energy super major Royal Dutch Shell.
Earlier today the company’s shares closed at a multi-year high of $0.30, on the back of a slew of bullish analyst and newsletter coverage in recent weeks.
After market today the company released a drilling update for their highly anticipated Molisht-1 well, and judging by the uncharacteristically enthusiastic comments from CEO Glenn McNamara, drilling is progressing quite well.
Molisht-1 is 4,400 meters deep now on its way to 5,500 meters before data can be collected and the well tested.
The well was cased and cemented at 4,174 meters, leaving roughly 900 meters of unstable flysch shale behind pipe prior to drilling ahead.
“Based on the technical work conducted on blocks 2 and 3 we interpret the target zone as having been encountered approximately 300 metres higher than originally anticipated and are very encouraged by this development,” said Glenn McNamara, chief executive officer of Petromanas. “Taking the lessons learned from Shpirag-2, we have, to this point, been able to avoid many of the issues encountered on our last well. We are now drilling ahead with a larger hole with the ultimate goal of increasing the potential for well productivity by having the wellbore intersect as many of the naturally occurring fractures in the target carbonate as possible.”
The company expects to complete and test this well as well as spud Shpirag-3 in the third quarter and follow-up with the release of the test results of Molisht-1 by year-end.
As a long term and fairly sizeable holder of this high risk play the above comments from Mr. McNamara are very encouraging.
Here is the news release: Petromanas Provides Update On Molisht-1 Drilling
Always do your own due diligence.
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