Baar (ots) - Manas Petroleum Corp. (MNAP.OB)
All of Manas' operations are on track and progressing ahead of
Albania (100% Manas)
Our key project benefited substantially from the 190km 2D
vibroseis seismic program which concludes today October 16th. The
data produced by GII (Geophysical Institute of Israel) exceeded our
expectations; identifying potentially new prospects in Block A and
refining potential drill targets originally identified by Shell in
Block B. In 2009 GII will record 140km of dynamite sourced data in
Blocks D and E.
Manas has successfully applied for Blocks 2 and 3 which contain
OXYs Sipragu oil discovery - the amended PSC (Production Sharing
Contract) is initialized and awaits Ministerial approval and
ratification later in 2008.
In order to secure a drill rig for a possible drilling campaign
commencing in Q2 2009 on Blocks 2&3 Manas signed a Letter Of Intent
with Croatia's CROSCO and a Memorandum of Understanding with the
Russian Company JSC "SPC" NEDRA, respectively. CROSCO drilled several
deep wells in Albania, including OXYs discovery well on Blocks 2 and
3. JSC "SPC" NEDRA are deep drilling experts, recently completing an
8.2km gas producer in Siberia.
Kyrgyztsan (25% Manas)
Manas Farmin Partner Santos International Holdings Pty Ltd through
its operating company SPC (JSC South Petroleum Company) will commence
drilling two shallow targets in 2008. Mobilization of the rig to the
North Ayzar prospect in Tuzluk Block is expected by November 15th
with a spud date shortly thereafter. North Ayzar prospect is
approximately 6 km from the producing Niazbek-Karachikum and
Beshkent-Togap fields, respectively. SPC expects drilling of deep
targets in the second and third quarter of 2009. Seismic acquisition
in Kyrgyzstan is progressing as planned, at present in excess 500km
of seismic are shot in all Blocks.
Tajikistan (90% Manas)
Acquisition of 114km of seismic is completed, fulfilling Santos'
financial requirement for the option farmin agreement. Progression of
the option farmin agreement between DWM Petroleum AG (100% Manas
owned) and Santos is awaiting Governmental ratification of legal
amendments giving 'exclusive right of first refusal to potential
Mongolia (74% Manas)
Blocks 13 and 14 are expected to be ratified within the next
weeks. Manas geologists supported by experts from GII and the
University of Novosibirsk have completed a highly successful phase I
field work program defining structural trends with potential
petroleum accumulations. Based on these results and previous data
the company is currently designing a seismic acquisition program
expected to commence in 2009.
Chile (20% Manas)
A Technical Steering Committee meeting between Manas, IPR,
Pluspetrol and the dedicated operator Geopark is currently being held
to finalize 2009 seismic and possible drilling activities in the
Description of the company
Manas Petroleum is an international oil and gas company with
primary focus on exploration and development in south-eastern Europe,
Central Asia and South America.
In Albania Manas has developed a giant exploration project with a
total resource potential (P50) of 2.9 billion barrels (independent
resource evaluation, Gustavson, 2008). In Kyrgyzstan Manas has signed
a US $54 million farm-out agreement with Santos a large independent
Australian oil and gas producer covering its 1.2 billion barrels in
place, light oil play (independent resource evaluation Scott
Pickford, 2005). The development of the company's neighboring
Tajikistan license is now covered by an option farmin agreement also
with Santos. In Chile Manas and US partner IPR farmed out a large
natural gas exploration project to a consortium of local operators.
Manas is currently maturing its enormous resource potential by
acquiring seismic prior to drilling.
Manas Petroleum Corporation is currently listed on the NASDAQ OTC
Bulletin Board (MNAP.OB).
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