Tajik Seismic program commenced
Baar, Switzerland, March 11, 2010
Manas Petroleum Corp. ("Manas") (OTCBB: MNAP) is pleased to report that its 90% owned subsidiary CJSC Somon Oil ("Somon") has already commenced a 250 KM 2D seismic program in Tajikistan.
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 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 is similar to that of the Manas Kyrgyz license area.
Once these seismic results are processed, interpreted and integrated with the pre-existing data, which is expected during May 2010, these prospects will be considered as candidates for a 2011 deep well drilling program.
The contract for the 2D seismic program has been awarded to the large Kazakh based geophysical firm DANK Scientific Industrial ("Dank"). Dank is utilising a 2D/3D compatible vibrator crew for the work.
Somon has established an office in Khudjand, the northern capital of Tajikistan, in order to technically supervise the program and to provide on-going local support for the licensing. The Somon Khudjant office has hired a team of qualified geophysicists and permitting experts for the acquisition process.
The total costs of the program are expected to be approximately US $ 3.0 million; these costs are funded by Santos International Ventures Pty Ltd. ("Santos") (a wholly owned subsidiary of "ASXLtd"-STO) as part of the option farm out agreement. As previously announced, on December 2007 Manas entered into an option farm out agreement with Santos for the Tajik licenses. Should Santos exercise their option to farm-in , they will fund a phased US $ 74 million seismic, exploration and appraisal drilling program, with Manas retaining a 20% carried interest. Santos may withdraw from the program after drilling four exploration wells (end of Phase 2 and US $ 51 million expenditure).
With this program, Somon will also meet all of the work and capital expenditure commitments through December 31st, 2010 for Somon's western license area.
For further information please contact:
Erik Herlyn
Manas Petroleum Corp.
Bahnofstr. 9 P.O. Box 155
CH-6341 Baar, Switzerland
Phone: +41 44 718 1030
Fax: +41 44 718 1039
Email: info@manaspete.com
Web: www.manaspete.com
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 statements that Manas believes that the size of the Tajik resources is similar to that of the Manas Kyrgyz license area, that depending upon the results, these prospects will be tested by a 2 deep well drilling program in 2011 and that the costs of this program will be covered by Santos and that with this program Somon will fulfill all capital expenditure commitments for Somon's western license area until December 31st, 2010. 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 2 deep wells 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.