Brief: Petromanas amends farm out agreement with Shell

NG Energy International

24/06/2013 22:01

June 24 (Reuters) - Petromanas Energy Inc  PMI.V : * Amends farm out agreement with shell and shpirag-2 reaches total depth * Shell will acquire a further 25% participating interest in the blocks in exchange for total consideration of US $22 million * Expects agreement will result in reduction of its net cash outflows by more than $60 million over next two years * Petromanas remains operator of blocks and joint operating agreement between parties the remains in force and unchanged * Shell will further farm into co's exploration rights on blocks 2-3 comprising approximately 852,000 gross acres onshore Albania * Agreement is effective June 1, 2013 * Agreement also reduces co's share of $40 million 2013 seismic program to about $1 million * Source text for Eikon  ID:nCnwC2922a  * Further company coverage  PMI.V   ((Bangalore Newsroom; +1 646 223 8780))