CALGARY,
Aug. 6, 2015 /CNW/ - Petromanas
Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) is pleased
to announce 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 approximately 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.
About Petromanas Energy Inc.
Petromanas Energy Inc. is an international oil
and gas company focused on the exploration and development of its
assets in Albania. Petromanas,
through its wholly-owned subsidiary, holds a Production Sharing
Contract ("PSC") with the Albanian government. Under the
terms of the PSC, Petromanas has a 25% working interest in Blocks
2-3 that comprises approximately 638,000 gross acres across
Albania's Berati thrust belt.
Petromanas also holds exploration assets in France and Australia.
This press release contains forward-looking
information within the meaning of applicable securities laws and is
based on the expectations, estimates and projections of management
of Petromanas as of the date of this news release unless otherwise
stated. The use of any of the words "expect", "anticipate",
"continue", "estimate", "objective", "ongoing", "may", "will",
"project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify forward-looking information.
More particularly and without limitation, this press release
contains forward-looking information concerning the future
performance of the Company, including but not limited to near term
plans to negotiate the terms of a PSC for Block 4 with the Albanian
government. In respect of the forward-looking information
concerning the future performance of the Company, Petromanas has
provided such in reliance on certain assumptions that it believes
are reasonable at this time, including assumptions as to the
drilling of wells and performance of rigs occurring in a manner
consistent with the Company's past experience, the Company's
ability to meet its capital and operational commitments, the
ability of Petromanas to receive, in a timely manner, necessary
regulatory and governmental operational approvals; and expectations
and assumptions concerning, among other things: commodity prices
and interest and foreign exchange rates; planned construction
activities, capital efficiencies and cost-savings; applicable tax
laws; the sufficiency of budgeted capital expenditures in carrying
out planned activities; and the availability and cost of labour and
services. Accordingly, readers should not place undue
reliance on the forward-looking information contained in this press
release.
Since forward-looking information addresses
future events and conditions, by its very nature it involves
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to the risks
associated with the industries in which Petromanas operates in
general such as operational and exploration risks; delays or
changes in plans with respect to growth projects or capital
expenditures; delays in obtaining or the failure to obtain
governmental approvals, permits or financing or political risks in
the completion of development or construction activities; access to
drilling rigs, completion equipment, seismic equipment and
operational personnel; costs and expenses; political risks; risks
of litigation; title disputes; health, safety and environmental
risks; commodity price, interest rate and exchange rate
fluctuations; environmental risks; competition; ability to access
sufficient capital from internal and external sources; and changes
in legislation, including but not limited to tax laws and
environmental regulations. There is a specific risk that the
Company may be unable to successfully negotiate and secure a
definitive PSC for Block 4 in the manner described in this press
release or at all. If the Company is unable to negotiate and
secure a definitive PSC in the manner described in this press
release or at all there could be a material adverse impact on the
Company and on the value of the Company's securities. There
is also a specific risk that the Company may not be able to secure
a funding solution for the longer term exploration and development
of Block 4 on acceptable commercial terms, or at all. If the
Company is unable to secure such a funding solution in the manner
described in this press release, or at all, there could be a
material adverse impact on the Company and on the value of the
Company's securities.
Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on other factors
that could affect the operations or financial results of Petromanas
are included in reports on file with applicable securities
regulatory authorities, including but not limited to; Petromanas'
Annual Information Form for the year ended December 31, 2014, which may be accessed on
Petromanas' SEDAR profile at www.sedar.com.
The forward-looking information contained in this
press release is made as of the date hereof and Petromanas
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Petromanas Energy Inc.