- "The Albanian Council of Ministers has approved
Decision No. 796 regarding the approval of production sharing for
exploration, development and production of hydrocarbons on onshore
Albania, in Blocks A-B and D-E, between the Ministry of Economy,
Trade and Energy, represented by the National Agency of Natural
Resources (AKBN) and DWM Petroleum AG". DWM Petroleum AG is 100%
subsidiary of Manas.
This final approval empowers DWM to explore and produce oil and
gas on Blocks A-B and D-E. The existing 2D seismic data over the
concession area totals approximately 4,000 kilometres and was shot by
AlbPetrol, Shell, INA, Premier Oil and Coparex. Manas plans to
reprocess approximately 700 kilometres of the existing data as well
as acquire new seismic data.
The primary exploration targets are sub-thrust fractured carbonate
reservoirs similar to those discovered in the 1990's in the Apennines
of Italy. During the same time Shell & Coparex discovered a deep
under-thrust structure within the blocks that by their calculations
has a potential to contain 820 million barrels (MMBO) recoverable of
oil. Work to further refine these prospects and additional prospects
using data combined for the first time from Shell, Coparex and the
State oil company AlbPetrol is underway.
The opportunity to proceed with what the company considers
exceptional data Shell, Albpetrol and Coparex data sets and superbly
developed drill ready prospects has occurred because Shell and
Coparex abandoned their respective projects during near civil war in
Albania and the conflict in neighbouring Kosovo. The area has since
become a relatively stable democracy, which is attracting over USD1
billion in investments annually.
This Press Release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. The Company has tried, whenever possible, to identify these
forward-looking statements using words such as "anticipates",
"believes", "estimates", "expects", "plans", "intends", "potential"
and similar expressions. These statements reflect the Company's
current beliefs and are based upon information currently available to
it. Accordingly, such forward looking statements involve known and
unknown risks, uncertainties and other factors which could cause the
Company's actual results, performance or achievements to differ
materially from those expressed in or implied by such statements. The
Company undertakes no obligation to update or advise in the event of
any change, addition or alteration to the information catered in this
Press Release including such forward looking statements.
ots Originaltext: Manas Petroleum Corp.
P.O. Box 155