BAAR, Switzerland, July 2, 2012 /CNW/ - Manas Petroleum Corp. ("Manas") (TSX-V: MNP; OTCBB: MNAP) is pleased to provide this update on the progress of the exploration program in Mongolia, which is focused on drilling two wells in 2012, through its subsidiary Gobi Energy Partners LLC.
- Ranking prospects resulted in drilling Ger Chuluu A 1 as first well
- Secured rig to drill two wells in 2012, commencing drilling in August
The 2011 and 2012 work programs (seismic acquisition, processing, interpretation and passive seismic) allowed the delineation from scratch of seventeen prospects and leads in five different sub-basins. Ranking of prospects resulted in Ger Chuluu and Sainshand A prospects to be drilled in the first phase. Unegt B, which is based on a lesser known petroleum system and therefore not suitable as first well, was chosen as the third prospect. The location of these prospects is shown on the map below:
Due to poly-phasic tectonic environment (extension followed by large scale strike-slip and inversion) Ger Chuluu as well as Sainshand A prospects need additional seismic to mitigate structural risk before drilling. No major changes in closure or area are expected. However, trap compartmentalization has to be assessed before drilling as this could influence the drilling location.
Furthermore, both prospects are multi-target and therefore reservoir dipping has to be checked by additional seismic to ensure overlaying in drilling location.
A contract for additional 335km seismic was signed with Sinopec, same contractor as in 2011, in March 2012. The seismic program consists of detailed prospect seismic as outlined for two prospects above and the outstanding seismic in the southeastern part of the blocks (Tsetserleg, see map). Seismic was originally planned to start at the beginning of June 2012 but, due to an extended survey outside Mongolia, delivery of the vibrators selected for the seismic in Block XIII and XIV has been delayed. Therefore, commencement of seismic acquisition is now planned for mid-July 2012.
A drilling contract with Shengli Petroleum, an affiliate of Sinopec, was signed in May 2012 and commencement of drilling was scheduled for beginning of July 2012. The rig was mobilized and rig inspection took place. Due to the delay in the seismic acquisition program mentioned above, drilling has been postponed until the week starting August 20, 2012. Drilling depth of Ger Chuluu 1 will be 1,200 meters.
"Drilling in Mongolia by other operators has not been very successful in the recent past and therefore to achieve our targets, we cannot afford to drill our selected prospects without the assurance that we have all evaluation done to minimize the risks by choosing the best drilling locations," said Werner Ladwein, President of Manas Petroleum.
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 majority-owned subsidiary Somon Oil Company, subject to an option farm out agreement with Santos. 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.
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:
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 acquisition of additional seismic to mitigate drilling risk will begin in mid-July, 2012, that drilling will begin during the week of August 20, 2012, and that drilling of Ger Chuluu 1 will reach the projected depth of 1,200 meters. 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 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.
SOURCE Manas Petroleum Corp.
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