EDISON EQUITY RESEARCH - PETROMANAS ENERGY
19 11월 2014 - 5:05AM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH:
PETROMANAS ENERGY - TECHNICAL SETBACK
IN ALBANIA; RESOURCE POTENTIAL INTACT
In late October, Petromanas (PMI) announced its decision to
temporarily suspend its Molisht-1 well in Albania after
experiencing further drilling issues in the problematic lower
Flysch shale. PMI/Shell intend to complete the well in H116 with a
more powerful rig. The news highlights the difficulties of drilling
these deep onshore wells (> 5.5km TD) despite Shell’s experience
in analogous plays. The event represents a technical and timing
setback, although the resource potential of up to 0.5bnboe in PMI’s
licences is unchanged. PMI is seeking to raise funding via asset
farm-outs in Albania and France, and possibly equity issuance. We
lower our RENAV to C$0.27 (-30%) to reflect the well delay, higher
well costs and reclassification of French and Australian assets to
“long-term exploration”.
Petromanas Energy (PMI) operates in Albania, in which it holds a
25% interest in Blocks 2 and 3 (Shell 75%) where it has made a
discovery, Shpirag-2. It also holds gas exploration assets in
Aquitaine, France, and Australia’s Canning Basin.
To view our full report, please click here:
http://www.edisoninvestmentresearch.com/research/report/petromanas-energy4
Click here to view all of Edison
Investment Research’s published reports
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