Petromanas Energy has announced that the Albanian National Agency of
Natural Resources ('AKBN') has advised that the Company, together with
its joint venture partner Royal Dutch Shell, is the successful bidder
for Block 4,
onshore Albania, following an international auction. Block 4, which
spans approx. 560,000 gross acres (874 sq miles), is located southeast
of the Company's current Production Sharing Contract ('PSC') comprising
Blocks 2-3.
'Block 4 was the clear focus of our bidding activity as it is
on-trend with Shpirag, the location of the Company's oil discovery, and
Molisht on Blocks 2-3,'
said Mr. Glenn McNamara, CEO of Petromanas. 'We view our successful bid
as a confirmation of the joint venture's commitment to oil exploration
in Albania.'
The award is conditional and subject to finalizing detailed
negotiations with the Ministry of Energy and the AKBN for the main terms
and conditions of the petroleum agreement and necessary government
approvals. The application for Block 4 reflects joint venture interests
of 25% for Petromanas and 75% for Royal Dutch Shell, who will also
operate. The conclusion of a definitive PSC is also subject to the
approval of Petromanas and its joint venture partner.
(www.energy-pedia.com, 7 Aug., 2015)