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Shell encouraged by positive well test results in Albania

Royal Dutch Shell plc (“Shell”) and Petromanas Energy Inc. (“Petromanas” (TSXV: PMI)) yesterday announced positive test results from the Shpirag-2 well in Block 2-3, which covers an area of 3,450 square kilometres onshore south-central Albania.

The well was drilled by the operator, Petromanas, to a total depth of 5,553m. Based on the previously drilled Shpirag-1 and test results from Shpirag-2, Petromanas and Shell believe they have identified in excess of 800m of oil column in fractured carbonate reservoirs, providing early validation of the light oil potential of the block.

Edwin Verdonk, Shell Vice President Exploration Europe said “The results of the Sphirag-2 well are encouraging for the joint venture and support the potential of this oil play in Albania. We look forward to appraisal efforts next year to help us fully assess the volumes and production potential of this reservoir.”

During a 3 day extended test period the well flowed at rates of 800 to 1300bbl per day of 35 - 37 degree API oil.

“These test results initially confirm the well’s ability to flow light oil and provide early validation of the potential of Block 2-3 and our considerable investment to date in this asset,” said Glenn McNamara, CEO of Petromanas.  “Given carbonate reservoirs are dependent on fracture porosity, and well rates can vary significantly across the reservoir, we are very encouraged to have flowing oil at these rates from our first well.”

A 450km 2D seismic programme for Block 2-3 is in progress and is expected to conclude before the end of the year. The first appraisal well is planned after completion of a second exploration well which is currently drilling.

Petromanas has a 25% working interest in Block 2-3 and is the operator, with Shell having the remaining 75% working interest. The joint venture was established in February 2012, and completion of the Sphirag-2 well is an important milestone in the multi-year exploration programme.

Enquiries

Shell Media Relations

International: +44 2079345550

Shell Investor Relations

International: + 31 70 377 4540

North America: +1 713 241 1042

For more information on the project, Petromanas, as operator, has details at www.petromanas.com 

Notes to editors

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges.  Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects. For further information, visit www.shell.com 

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 two Production Sharing Contracts ("PSCs") with the Albanian government.  Under the terms of the PSCs, Petromanas has a 100% working interest in Blocks D and E and a 25% working interest in Blocks 2-3 that comprise more than 1.1 million gross acres across Albania's Berati thrust belt. Petromanas also holds exploration assets in France and Australia.

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