Update: All eyes on Molisht
Petromanas (PMI) announced a three-month delay to its highly-anticipated Molisht well in Albania in its Q2 results. Molisht follows on from the Shpirag-2 discovery and has potential to de-risk 142mmboe gross. After drilling issues, we expect results of Molisht in late November or December following 15 months of drilling. Blocks D and E have been relinquished due to lower prospectivity and resource reprioritisation. Together with a later modelled start-up of Shpirag-Molisht, this has a material impact on our NAV, which falls to C$0.38 (from C$0.69). The next challenge for PMI is to ensure adequate funding for 2015-16 as its current cash balance should be used by Q315. A combination of equity issuance and farm-down of its acreage in France and Australia may be the best solution.
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