Manas Petroleum announces commencement of Drilling in Mongolia
BAAR, Switzerland, Aug. 23, 2012 /CNW/ - Manas Petroleum ("Manas") (TSX-V: MNP; OTCBB: MNAP) is pleased to announce that on August 23, 2012 its subsidiary Gobi Energy Partners LLC., spud its first well in Mongolia.
Gobi Energy plans to drill this first well Ger Chuluu A1 to a depth of 1200 meters and into Jurassic/Paleozoic formation. Target horizons in Ger Chuluu A1 are Lower Zuunbayan and Tsagaantsav formations; both are Lower Cretaceous.
Gobi Energy anticipates that Ger Chuluu A1 should cost approximately USD 1.8 million, with the well reaching target depth and being logged mid-September 2012. In the event of a discovery, Gobi Energy plans to test the well with a workover rig and move the drilling rig to the site of the second exploration well, approximately 170 kilometers northeast of Ger Chuluu A1.
"Ger Chuluu A1 represents the next step in the evaluation of our Mongolian assets and a major step in the company development," said Werner Ladwein President of Manas Petroleum.
The 2012 seismic survey (a total of 335 kilometers) will be finished by 25 August, 2012. The program consisted of detailed prospect seismic and regional seismic. The detailed prospect seismic forms the base for the 2012 and 2013 drilling locations.
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, Manas participates in an oil and gas exploration project in neighboring Tajikistan through its subsidiary Somon Oil; Santos has exercised its option to farm in. In Mongolia, Manas owns 74% working interest in two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary Gobi Energy Partners GmbH.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Manas Petroleum Corp.
Bahnofstr. 9, P.O. Box 155
CH-6341 Baar, Switzerland
Phone: +41 44 718 1030
Fax: +41 44 718 1039
North America Investor Relations
Brisco Capital Partners Corp.
Phone: +1 403 262 9888
Dr. Georg Hochwimmer
Europe Investor Relations
General Research GmbH
Phone: +49 89 2500 4330
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 the Company's projections that the Ger Chuluu A1 well will reach a target depth of 1,200 meters, that it will cost approximately USD 1.8 million and that it will be logged by mid-September 2012, as well as its plan to complete the 335 km seismic survey by August 25, 2012. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the conditions on the ground and the direction of Gobi's business, actual results will almost always vary, sometimes materially, from any projections included in this press release. These statements are only predictions and are subject to known and unknown risks, including 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.
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