Shell, in some ways, reveals how they really view Shpiragu-2. On page 42 of Shell's "4th Q results & strategy update" it shows a map labeled (KEY WELLS). Shell has Albania on this map with a red square. The map indicates that a red square means 2013. At this time Shell is drilling only one well in Albania that will be done in 2013 & its called  "Shpiragu"-2. So Shell's report is referring to "Shpiragu"-2 as one of their "key wells". A "key well" for what ? The report in part is about Shell's strategy. Strategy for what ? Imo... for producing oil. So we can conclude that Shell believes very strongly that "Shpiragu"-2 will produce oil, seeing that Shell calls "Shpiragu"-2 one of its Key Wells & IMO, not all of  the wells that Shell drills are called "Key Wells".

Page 42 from Shell's report...

http://s04.static-shell.com/content/dam/shell-new/local/corporate/corporate/downloads/quarterly-results/2012/q4/q4-2012-presentation-analyst.pdf

Shell's report also mentions "Albania" on page 33 of same report.....

http://s04.static-shell.com/content/dam/shell-new/local/corporate/corporate/downloads/quarterly-results/2012/q4/q4-2012-presentation-analyst.pdf

http://s04.static-shell.com/content/dam/shell-new/local/corporate/corporate/downloads/quarterly-results/2012/q4/q4-2012-presentation-analyst.pdf

Also, Albania couldn't be listed on page 50 , as Albania didn't meet any requirements listed on page 50....yet. (1) Shpiragu , by Shell's definition is not now an "upstream engine". http://www.shell.com/global/aboutshell/investor/strategy/investment-priorities/upstream-engine.html

 (2)"Shpiragu" is not now a mature oil basin because a mature oil basin has well known reservoirs & the testing of "Shpiragu" needs to prove a "reservour"  (even though we all know "Shpiragu" has oil)

http://mobile.businessinsider.com/making-a-killing-in-mature-oil-basins-josh-young-2012-11

(3) Shpiragu is not now an integrated gas. (4) Shpiragu is not deep water. & finally (5) "Shpiragu" is not now a resourse play. //

So obviously Shell likes "Shpiragu" .... a lot . But everything must be done legally. A lot of testing must be done 1st , after they drill to (TD), before anyone can legally make a declaration as to what classification "Shpiragu" fits into. So we wait a little longer. But it mostly looks good to me. One point I like from PMI's last (PR) is that they seem very ready for production, just one of many points I can attest to my assumption is that PMI just hired "Mr Peter Sider" who will have overall responsibility for the execution of the Company's drilling and (completion activities) (In petroleum production, completion is the process of making a well ready for (production),.. and oversee any resulting (production). Mr Sider also has a strong background in (production) operations. http://en.wikipedia.org/wiki/Completion_(oil_and_gas_wells)

Regards, T.

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