Manas Petroleum Corp. ("Manas") (OTCBB: MNAP) is pleased to report that its 90% owned subsidiary CJSC Somon Oil ("Somon") has completed the acquisition of a 363 KM 2D seismic program in Tajikistan, on budget and on schedule.
This seismic is to further define and analyze the extension of the Tuzluk structural trend (prospects delineated in the Kyrgyz Tuzluk license) and mature a number of Tajik prospects to drill?ready status on this trend in the Manas Western license area in Tajikistan. Somon originally has identified 7 large under?thrust prospects that are located close to existing oil fields and which were originally identified by soviet seismic and by a previous 123 KM 2D seismic acquired by Somon during December 2007 and June 2008. Manas believes that the potential size of the Tajik resources could significantly exceed that of the Manas Kyrgyz license area.
First analysis of the data confirms the existing prospects (two prospects are now considered mature for drilling) and reconnaissance data has revealed several large undrilled structures in the recently acquired Northwest license. The new seismic data is currently being processed (~50% complete to date), interpreted and integrated with the pre?existing seismic and correlated to historical drilling data. A final interpretation is expected during August 2010 and prospects will be considered for the 2011 deep well drilling program.
As previously announced, in December 2007 Manas entered into an option farm out agreement with Santos International Ventures Pty Ltd for the Tajik licenses. Should Santos exercise their option to farm?in , they will fund up to US $ 74 million in a phased seismic, exploration and appraisal drilling program, in return for 70% equity in the project, with Manas retaining a 20% carried interest. Santos may withdraw from the program after drilling four exploration wells (end of Phase 2 and up to US $ 51 million expenditure).
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 suchas "may", "should", "anticipates", "believes", "expects", "intends", "forecasts","plans", "future","strategy", or words of similar meaning.Forward?looking statements in this press release include statements that Manas believes that the potential size of the Tajik resources could significantly exceed that of the Manas Kyrgyz license area, that a final interpretation is expected during August 2010and that depending upon the results, these prospects will be tested by a deep drilling program in 2011 and that the costs of this program will be covered by Santos. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks that the parties cannot agree to drill or that Santos decides not to cover all costs of the program and consequently the work commitments are not met due to less promising technical data, poor capital markets, a negative decision of Santos and other risks identified by Manas in its periodic filings on EDGAR (which can be viewed at www.sec.gov). 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.
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 Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. 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.
This seismic is to further define and analyze the extension of the Tuzluk structural trend (prospects delineated in the Kyrgyz Tuzluk license) and mature a number of Tajik prospects to drill?ready status on this trend in the Manas Western license area in Tajikistan. Somon originally has identified 7 large under?thrust prospects that are located close to existing oil fields and which were originally identified by soviet seismic and by a previous 123 KM 2D seismic acquired by Somon during December 2007 and June 2008. Manas believes that the potential size of the Tajik resources could significantly exceed that of the Manas Kyrgyz license area.
First analysis of the data confirms the existing prospects (two prospects are now considered mature for drilling) and reconnaissance data has revealed several large undrilled structures in the recently acquired Northwest license. The new seismic data is currently being processed (~50% complete to date), interpreted and integrated with the pre?existing seismic and correlated to historical drilling data. A final interpretation is expected during August 2010 and prospects will be considered for the 2011 deep well drilling program.
As previously announced, in December 2007 Manas entered into an option farm out agreement with Santos International Ventures Pty Ltd for the Tajik licenses. Should Santos exercise their option to farm?in , they will fund up to US $ 74 million in a phased seismic, exploration and appraisal drilling program, in return for 70% equity in the project, with Manas retaining a 20% carried interest. Santos may withdraw from the program after drilling four exploration wells (end of Phase 2 and up to US $ 51 million expenditure).
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 suchas "may", "should", "anticipates", "believes", "expects", "intends", "forecasts","plans", "future","strategy", or words of similar meaning.Forward?looking statements in this press release include statements that Manas believes that the potential size of the Tajik resources could significantly exceed that of the Manas Kyrgyz license area, that a final interpretation is expected during August 2010and that depending upon the results, these prospects will be tested by a deep drilling program in 2011 and that the costs of this program will be covered by Santos. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks that the parties cannot agree to drill or that Santos decides not to cover all costs of the program and consequently the work commitments are not met due to less promising technical data, poor capital markets, a negative decision of Santos and other risks identified by Manas in its periodic filings on EDGAR (which can be viewed at www.sec.gov). 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.
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 Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. 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.
