• Wednesday, 16 May, 2012

Shell makes Albania push

Voser closer to Albania: Peter Voser-led Shell snaps up acreage from Petromanas

Eoin O'Cinneide/Upstream

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By Eoin O'Cinneide

 09 February 2012 14:03 GMT

Shell has increased its footprint in Albania after snapping up a large chunk of two blocks from Petromanas Energy.



The Anglo-Dutch supermajor is paying up to $50.3 million in cash and carried costs to get a 50% stake in both Blocks 2 and 3 in the country.

The farm-in sees Shell part with $16.3 million in cash of which $11 million is refundable if Petromanas secures a partner for its other blocks in Albania in the current exploration period.

Shell is also to cover up to $22.5 million in the first exploration period and subject to entering into a second exploration period, Petromanas shareholder Manas Petroleum Corporation said on Thursday.

“Any potential excess costs of the work program over the carried amounts shall be jointly paid by both parties in proportion to their participating interest,” it said.

The blocks cover 852,000 acres in total with all acreage onshore.

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