Drilling to commence in Kyrgyzstan
Baar, Switzerland, April 21, 2009
Manas Petroleum Corp. (MNAP.OB)
Manas Petroleum is pleased to report that drilling of the first of two shallow exploration wells by the Kyrgyz joint venture, SPC (South Petroleum Company) is expected to commence within the next weeks.
The prospects to be drilled are from a series of shallow prospects first identified after reprocessing Soviet seismic and then subsequently confirmed with seismic acquired by SPC in 2008 and early 2009. SPC is the Kyrgyz joint venture company created to explore and develop Manas 5 Kyrgyz licenses.
This shallow drill program is the result of the highly successful SPC seismic program. The program has greatly matured the licenses' deeper prospects while also defining shallow prospects that are within a few kilometers of existing light oil production.
Over 800 km of 2D seismic has been shot by SPC. This includes approximately 240 km of 2D seismic acquired by an Iranian crew using a French Sercel 408 station and Nomad 65 vibrators. A further 200 km of seismic is expected to be acquired this year.
The first well is to test the North Ayzar prospect which is in the SPC's Tuzluk license. The rig is a 650hp Chinese Zj20 which is capable of drilling up to 2400 m deep. Major service contractors and the rig are currently in the process of being mobilized from the North of Kyrgyzstan to the drilling location. The Northern Ayzar-1 well is to test the established oil saturated paleogene sandstone and limestone strata from 1650 to 1900 meters in depth. The depth of the total well is 2 km (6,561 feet) and should take approximately 3 to four weeks to drill. The prospect is approximately 5km northeast of the Beshkent Togap Tashravat field and 10km southwest of the Niyazbek-Severnity Karachikum oil field.
The second planned well is to test the East Chongora prospect, which is within the Soh license area. The Eastern Chongara exploration well is to test the same oil saturated paleogene sandstone and limestone beds which have been producing oil from the neighboring North Soh oil and gas field , and the Chongara Gulacha oil field, for over 60 years.
In the event of exploration success, and to eliminate standby time costs, testing of the wells will commence once both wells have been drilled and completed. The drilling by Santos-SPC of the deep subthrust prospects is expected to commence Q1/2010.
About Manas Petroleum
Manas Petroleum has acquired major tracts of oil & gas exploration acreage in Albania, Mongolia, Kyrgyzstan, Tajikistan and Chile. Each project area is within a proven petroleum system, and is near already producing shallow oil fields. Total potential of seismically defined exploration prospects exceeds an independently verified, 4 billion recoverable boe. Manas has farmed out its Kyrgyzstan and Chile projects and has optioned its Tajikistan project to a potential farmout partner which is currently acquiring seismic within the Manas license.
Manas and its predecessor DWM Petroleum have raised a total of around US $ 26,000,000 and of this amount, spent approximately US $20,000,000 acquiring and maturing its exploration portfolio. Manas Petroleum's large light oil projects, which range from high risk exploration to discovery appraisal, are now drill ready. In Albania, Manas is in the advanced stages of negotiations to secure a partner for drilling its Albania exploration project which includes the appraisal of a light oil discovery.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward looking statements.
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