Manas Petroleum Corp. (MNAP.OB)
Letter Agreement - Effective October 1, 2008 Phase 2 Work Period
BAAR, Switzerland, Aug. 22 /CNW/ - Manas Petroleum Corporation announces
that its wholly owned subsidiary DWM Petroleum AG has entered into a Letter
Agreement for the Phase 2 Work Period on August 19, 2008.
DWM Petroleum AG has agreed to permit Santos to commence the Phase 2 Work
Program prior to the end of the Phase 1 Work Period.
If Santos does not withdraw within 60 days of the end of the Phase 1 Work
Period (which is yet to occur), then Santos must drill a minimum of 2
exploration wells. In addition to its right to withdraw within 60 days of the
end of the Phase 1 Work Period Santos has the right to elect to withdraw from
the farm-in agreement by giving notice to that effect to DWM within 60 day
period following the completion of the second exploration well.
Santos is in discussions with Caspian in relation to the refurbishment of
a drilling rig currently in the Kyrgyz Republic. Up to 4 shallow exploration
prospects have been identified for drilling by the Caspian rig, beginning in
Q4 2008. In addition, up to 4 deep prospects are planned for drilling in 2009.
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, 2006). The development of the
company's neighboring Tajikistan license is now covered by an option farm out
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 board
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
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: