BAAR, Switzerland, Oct. 2, 2012 /CNW/ - Manas Petroleum ("Manas") (TSX-V: MNP; OTCBB: MNAP) announces that its subsidiary Gobi Energy Partners LLC, has completed drilling at the Ger Chuluu D1 well. Drilling was stopped after reaching 600 meters without any hydrocarbon shows. After logging the well was plugged and abandoned.
Ger Chuluu D1 was the second well drilled in the Ger Chuluu sub-basin; it was drilled in an effort to achieve a final conclusive answer about the potential of this sub-basin. Costs of both wells amount to USD 1.9 million and were well below budget.
Gobi Energy plans to drill its next well at East Sainshand A prospect but, because the seasonal window closes at the end of October, the well will be postponed to the next seasonal drilling window.
Gobi Energy had originally focused on six sub-basins in Mongolia. After Ger Chuluu four of these have yet to be evaluated. The southeastern part of the acreage, which is currently under evaluation, has not yet been considered.
A detailed evaluation review of all prospects based on the lessons learned in the Ger Chuluu sub-basin is ongoing and might influence the drilling strategy.
Werner Ladwein, Manas' President commented, "While the results in Ger Chuluu were disappointing to all of us, we have now to focus in our Mongolian strategy on the evaluation of the potential of the prospects in the remaining four sub-basins."
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.
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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 plans to drill the East Sainshand A1 well in 2013. 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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