The company is planning to drill the well to a target depth of about 2,600m which is expected to take about 30 days time.
Drilling cost is estimated to be $9m.
Petromanas Energy CEO Glenn McNamara said spudding the well is an essential part of its 2012 drilling program.
"Juban is our shallowest prospect and drilling this prospect will allow us to begin assessing the potential of the carbonates in the northern part of the country, outside the areas of current production," McNamara said.
Petromanas will drill the well with a double land rig with a 1,000 horsepower rating from Simmons Edeco.
The company has also provided updates on the drilling progress of Shpirag-2 well in Blocks 2-3. The well is currently being spud at a depth of about 4,230m. The well is being spud to reach a target depth of 6,100m and encounter carbonate at 5,000m.
Petromanas has also begun 2012 2D seismic test program over Blocks 2-3 using Geotec Spa of Italy.
In addition, the company is awaiting approval from the Albanian Government for a one-year extension to complete its commitments for Period 2, under the production sharing contract for Blocks D-E.
