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CJSC Somon Oil begins Seismic Program in the Republic of Tajikistan
Baar (ots) - Manas Petroleum Corp. ("Manas") (TSX-V: MNP; OTCBB: MNAP) is pleased to announce the commencement of the second seismic survey on CJSC Somon Oil Company's WEST and NORTH WEST licenses in the Republic of Tajikistan. This program includes up to 774km of 2D seismic survey, which up to 115km will be acquired over the WEST license and up to 659km will be acquired over the NORTH WEST license. An additional 24km will extend across the Kyrgyz-Tajik border into Manas' Tuzluk license in the Kyrgyz Republic.
Somon Oil, a 90% owned subsidiary of DWM Petroleum AG, signed the agreement for Seismic Services with the Tajikistan branch of the Kazakh company, DANK Scientific Industrial Firm ("DANK"), on June 29, 2011. DANK has extensive experience in the hydrocarbon exploration industry performing seismic work in the larger Caspian region. DANK also performed Somon's seismic survey in 2010. The seismic work will be conducted with vibrators, airguns (a significant volume of the data is to be acquired across the Karakum Reservoir, for the first time), with the remainder utilizing dynamite as a source.
This seismic survey is being carried out to improve the quality of the existing prospect data, and hence increase the chances of success of the exploratory wells to be drilled upon completion and interpretation of the new seismic data. The first well is anticipated to be spudded at the end of the first quarter of 2012.
Santos International Ventures Pty Ltd ("Santos International")., a wholly owned subsidiary of Santos Ltd., has an option to farm-in to Somon Oil pursuant to an option agreement signed between DWM Petroleum AG, Santos International (and others) on December 10, 2007.
The Production Sharing Agreement has yet to be ratified and remains one of the hurdles for Santos exercising the option. Prior to exercise of that option, Santos International has agreed to provide preliminary discretionary funding towards the costs of the abovementioned seismic, although binding fully funded commitments are not intended to arise until exercise of the option. Once exercised, it is intended that (subject to further agreement on terms), Santos International will fully fund the seismic survey and that these costs will be credited to the total funding commitments to be agreed.
Somon has also commenced the process of obtaining all required permits to commence drilling operations in the Chkalovsk area (WEST license) as well as in the West Supetau area (NORTH WEST license).
About Manas Petroleum Corp.
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South-Eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its equity interest in Petromanas Energy Inc., a Canadian public company. In Kyrgyz Republic, Manas has signed a US$54 million farm-out agreement with Santos International, a subsidiary of one of Australia's largest oil and gas companies. In addition to the development of its Kyrgyz Republic project, Santos is developing the company's neighboring Tajikistan license under an option farm out agreement. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary Gobi Energy Partners GmbH, but 26% of the beneficial ownership interest in these blocks is held in trust for others.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward- looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward- looking statements in this press release include statements about Manas' belief that the results of the new seismic survey will improve the quality of existing data and increase the chances of success of an exploratory well, its anticipation that the first exploratory well will be spudded in the first quarter of 2012, its belief that the production sharing agreement in Tajikistan will be ratified and that it remains one of the hurdles for Santos exercising its farm-in option and its anticipation that Santos will fully fund the seismic survey. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks presented by the market price and volume of trading in shares of Petromanas Energy Inc., field conditions and the risks described in Manas periodic disclosure documents filed on SEDAR and EDGAR, copies of which are also available on the company's website at www.manaspetroleum.com . Any of these risks could cause Manas' or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Except as required by applicable law, including the securities laws of the United States and Canada, Manas does not intend to update any of the forward-looking statements to conform these statements to actual results.
Manas Petroleum Corp.
P.O. Box 155
CH-6341 Baar, Switzerland