As a part of its Albania drilling program, the firm spud Juban-1 exploration well to a depth of 1,716m and found that the well holds negligible quantities of hydrocarbons.
Petromanas, which owns 100% working interest in the blocks A and B, has decided to plug and abandon the well.
In addition, the company has announced that its Shpirag-2 well located on blocks 2 and 3 was drilled to the depths of about 4,750m and has reached the top of the target carbonate reservoir zone.
Petromanas Energy CEO Glenn McNamara said the firm proceeded with the Juban-1 well drilling program after conducting an extensive analysis to find commercially viable hydrocarbons.
"Juban-1 was a high risk exploration well with an estimated chance of success of less than 20% since there is no existing petroleum system in northern Albania and, while this result is not what we hoped for, we believe we have been able to cost effectively obtain an initial assessment of the potential of this area," McNamara added.
"Our drilling program continues to advance with the Shpirag-2 well drilling ahead into the carbonate reservoir and we remain optimistic with respect to the potential of Blocks 2-3."
The company is also in talks with the Albanian government to gain one year extension to complete its commitments for Period 2 under the production sharing contract for Blocks D-E.
In addition, Petromanas Energy is in the final stages of completing the acquisition of Canada-based international oil and gas explorer Gallic Energy.
