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Update: 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 0.5bnb...
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 i...
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