Baar, Switzerland (ots) - Manas Petroleum Corporation (MNAP.OB) is
pleased to announce the results of a Resource Evaluation prepared by
Gustavson Associates LLC regarding Manas Petroleum's blocks A, B,D
and E in Albania.
The Report considers the licenses 8 primary and recognized
prospects identified from approximately 4,000 kilometers of seismic
shot by AlbPetrol, Shell, and Coparex on the concession position.
Gustavson assigns 2.987 billion barrels with 3.014 trillion cubic
feet of associated gas as the P50 prospective oil resources in its
oil with associated gas case. Gustavson notes that because of the
depth it is possible that the prospects will hold natural gas. In
its oil with a gas cap case Gustavson calculates the prospective
resources to total 1.4 billion barrels of light oil and 15 trillion
cubic feet of natural gas. Gustavson estimates that in the event
only gas is present the P50 prospective resource is 28 trillion cubic
feet of natural gas.
Gustavson examined the Manas Albanian license position which
consists of Blocks A, B, D & E with a total of approximately 780,000
gross acres located along the NW-SE trending fold belt of
northwestern Albania. The plays include potential conventional
exploration targets involving sub-thrust hydrocarbon accumulations in
fractured carbonates. Gustavson's assessment is limited to the
potential undiscovered oil and gas resources underlying the company's
The report notes that:
"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 and Coparex discovered
a deep under-thrust structure within the blocks that, by their
calculations, has the potential to contain a combined 820 million
barrels (MMBO) recoverable of oil."
It states: "Manas has this opportunity because Shell and Coparex
suspended all exploration activity and abandoned the blocks in
reaction to the extreme unrest in Albania and the conflict in
neighboring Kosovo allowing Manas to later acquire these superbly
defined, giant, virtually drill ready prospects."
In the Gustavson reports closing statement in a discussion
regarding the risks and probability of success Gustavson Associates
states: "The probability of success for a wildcat well in a
structurally complex area such as this is relatively high due to the
fact that it is in a structurally favorable area, there exists a
proven hydrocarbon source and analogous production exists only 20 to
30 kilometers away."
Manas is currently analyzing the Gustavson report and expects to
release further details in approximately three weeks. The company is
currently preparing a work program which consists of reprocessing
seismic, seismic acquisition and processing to be followed by
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 Corporation
Manas Petroleum Corporation
Bahnhofstr. 9, P.O. Box 155