Petromanas to sell Albanian assets

Canada

CALGARY, February 2, 2016 – Petromanas Energy is selling its Albanian assets for USD 45 million to super-major Shell, the Canadian exploration and development company announced yesterday.

The sale includes its 25% interest in shared contracts on onshore blocks 2, 3 and 4. The deal is expected to pass on March 15 and will end the company’s interest in Albania.

Petromanas also announced that due to current market conditions, it will move to terminate its two exploration licences in Australia, EP 464 and EP 486 in the Canning Basin.

The moves will leave the company with its Ger and Ledeuix gas licences in southwestern France. Petromanas currently has negative earnings.

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