BAAR, Switzerland, Oct. 16 /CNW/ -
- 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 petroleum developments'.
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 Tranquillo Block.
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
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.
P.O. Box 155
CH-6341 Baar, Switzerland
For further information:
For further information: Bahnhofstr. 9, P.O. Box 155, CH-6341 Baar,
Switzerland, Phone: +41-44-718-10-30, Fax: +41-44-718-10-39, E-Mail: