Canada-based oil and gas company Petromanas Energy said it expects to drill the
Molisht-1 well onshore Albania to a total depth of some 5,500 metres.
The
well is located on Blocks 2-3, in which the Petromanas holds a 25% working
interest and is the operator with Shell holding the remaining 75%
interest.
The company has drilled Molisht-1 through the flysch shale
sequence and to the objective carbonates, Petromanas said in a statement on
Tuesday. The well was cased and cemented at 4,174 metres, putting approximately
900 metres of the unstable flysch shale behind pipe, prior to drilling
ahead.
The Molisht-1 well is currently drilling ahead at a depth of
approximately 4,400 metres. Data acquisition and testing is planned to follow
reaching total depth.
"Based on the technical work conducted on Blocks
2-3 we interpret the target zone as having been encountered approximately 300
metres higher than originally anticipated and are very encouraged by this
development," Petromanas CEO Glenn McNamara said, as quoted in the
statement.
"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," he
added.
Petromanas Energy Inc. is an international oil and gas company
focused on the exploration and development of its assets in Albania. Through its
wholly-owned subsidiary,it 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.