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Petromanas Energy Inc., Manas Petroleum (mnap.ob) being its largest shareholder, announces results of AGM and Geophysical & Geological resource assessment update
Petromanas has granted Mr. Keep options to purchase an aggregate of 1,750,000 shares at an exercise price of $0.40 per share expiring August 24, 2020.
The financial statements of Petromanas for the six months ended June 30, 2010 have been filed on SEDAR and are available by clicking on Petromanas' profile at www.sedar.com.
Petromanas continues on schedule with exploration analysis and work directed towards commencing drilling operations in 2011. Seismic acquisition is underway, geophysical and geological analysis ("G&G") is advancing, drill planning has begun, and the new executive team of Glenn McNamara, CEO, Bill Cummins, CFO, and Hamid Mozayani, COO, all world class industry executives with extensive oil and gas experience, have been recruited.
The planned seismic program will shoot 245 km of 2D seismic at a cost of $15 million on Blocks E, 2 and 3 and is expected to be completed by early 4th quarter of 2010. Interpretation will be undertaken through year end to incorporate this new data with the previous seismic data and the other geological data which the Company acquired with the block licenses.
Exploration analysis is proceeding, led by the Company's international experts headed by Mark Cooper, Senior Exploration Advisor and the team in Albania. The focus of the G&G work is to precisely define drilling prospects and prepare the exploration risk assessment of each prospect. This will refine the resource estimates from the unrisked estimates in the report by Gustavson Associates LLC ("Gustavson") to risked prospect resource estimates on which drilling decisions can be made and which will also be the basis of the Company's future farmout strategy.
In conjunction with the G&G work, the Company is reevaluating the unrisked resource assessment which was prepared on December 15, 2009 by Gustavson on the basis of the seismic, geology and limited well data which was available at the time. In the normal course of the current G&G work, the risked resource potential will also be evaluated and, as a result of incorporating risk assessments and new data, will be lower than the unrisked resource potential numbers which were presented in the Gustavson report. It is anticipated that the G&G analysis will be concluded through year end as the new seismic data becomes available; the risked resource estimates cannot be finalized until all of this work is completed. It is anticipated that an updated independent resource evaluation report will be prepared at that time. Further updates to resource estimates are expected to be prepared as the Company acquires new data from seismic programs and drilling operations.
The geological work which has been conducted by the team to date has further confirmed the significant potential of the Petromanas acreage and the exploration prospectivity of both the shallow and deep prospects. Once Petromanas has the necessary data, it is anticipated that some of the deep target plays will be farmed out to industry partners.
The Company remains on schedule for the planned completion of the seismic program in 2010 leading to a drilling campaign in 2011. Petromanas is confident the new management team is well qualified to advance the exploration activities of the six blocks in Albania.
About Petromanas Energy Inc.
Petromanas is an international oil and gas company focused on the exploration and development of its assets in Albania that possess worldclass resource potential. Petromanas, through its whollyowned subsidiary, holds three Production Sharing Contracts ("PSCs") with the Albanian government. Under the terms of the PSCs, Petromanas has a 100% working interest in six onshore blocks (Blocks A, B, D, E, 2 and 3) that comprise more than 1.7 million acres across Albania's Berati thrust belt.
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