BAAR, Switzerland, Sept. 19, 2012 /CNW/ - Manas Petroleum ("Manas") (TSX-V: MNP; OTCBB: MNAP) announces that its subsidiary, Gobi Energy Partners LLC., plans to spud its second well in Mongolia on September 20, 2012.
Although Gobi Energy had originally planned to drill its first well - Ger Chuluu A1 - to a depth of 1,200 meters, it stopped drilling at a depth of 1098 meters without having encountered any seal. Well costs should amount to approximately USD 1.1 million. Gobi Energy had also planned to drill its second well – East Sainshand A1 - in another sub-basin of the East Gobi Cretaceous basin, which is located approximately 170 kilometers away from Ger Chuluu, but management has decided to drill a second well in the Ger Chuluu sub-basin before moving to East Sainshand A1 . Management believes it is important to have a conclusive evaluation of the Ger Chuluu sub-basin and a high degree of comfort that Gobi Energy is not leaving untapped potential behind.
Goby Energy drilled Ger-Chuluu A1 in an effort to prove the extent of the Zuunbayan sub-basin petroleum system. The well was based on detailed 2D seismic associated with a passive seismic survey and was drilled on top of the structure. Both Lower Cretaceous source rocks and reservoirs were documented in the vicinity by outcrop studies. One of the key assumptions of the model was the continuity of the source/seal formation (Zuunbayan formation) over the structure – as indicated in outcrops. Unfortunately the inversion of the targeted anticline proved to be higher than expected. Only a few meters of shale were encountered by Ger Chuluu A1 and therefore the well-developed reservoirs of the Lower Cretaceous Tsagaantsav formation were water bearing, although Gobi Energy did find some indication of remnant oil.
In locating the second well - Ger-Chuluu D1 – Gobi Energy has considered the lessons learned from Ger-Ghuluu A1 and is targeting a mixed stratigraphic-structural trap on the eastern flank. Gobi Energy intends to drill this well to a total depth of 650 meters at a cost of approximately USD 0.7 million.
"To depart from the Ger Chuluu sub-basin without having a conclusive test of its potential, especially after considering the knowledge we gained from Ger Cherluu A1, would not fit our Mongolian exploration strategy for the East Gobi Basin," said Werner Ladwein, President of Manas Petroleum.
Gobi Energy's plans to drill East Sainshand A1, located 170 kilometers away, during the current year will now depend mainly on a smaller seasonal window.
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.
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For further information please contact:
North America Investor Relations
Brisco Capital Partners Corp.
Phone: +1 403 262 9888
Email: [email protected]
Dr. Georg Hochwimmer
Europe Investor Relations
General Research GmbH
Phone: +49 89 2500 4330
Email: [email protected]
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 about the cost of the Ger Ghuluu A1 well, that the Ger Chuluu D1 well will reach a target depth of 650 meters and that it will cost approximately USD $0.7 million and that Gobi Energy's plans to drill the East Sainshand A1 well in 2012 will now depend on a smaller seasonal window. 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.
SOURCE: Manas Petroleum Corp.
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