Shell, Petromanas awarded onshore block in Albania

CALGARY, Alberta -- Royal Dutch Shell and Petromanas Energy have been named as the successful bidders for Block 4, onshore Albania, by the Albanian National Agency of Natural Resources (AKBN).

Block 4, which spans about 560,000 gross acres, is located southeast of Petromanas Energy's current production sharing contract (PSC) comprising Blocks 2-3, Calgary-based Petromanas said in a statement.

"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 Glenn McNamara, CEO of Petromanas.

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.