BAAR, Switzerland, August 10 Manas-Petroleum-Corpo
BAAR, Switzerland, August 10 /PRNewswire-FirstCall/ -- Manas Petroleum
Corporation (MNAP.OB) announces that its 90% owned subsidiary, Somon Oil, was
granted the Tajik "North-West" petroleum license which covers 2492 km squared
(615 784 acre) of exploration area. The license entitles for 7 years of
exploration. In case of discovery, Somon Oil has an exclusive right on the
discovered field.
The license area is located in the north part of the Sugd region, and is
bordering with Uzbekistan and the Uzbek pipeline network. In the south-west
the license area is adjacent to Somon Oil's western license areas Novobod and
Obchai-Kalacha. All producing fields of North Tajikistan are located less
than 20 km south. Existing exploration data within the North-West license
area contain 6 wells and 1100 km of 2-D seismic, which was acquired during
Soviet exploration campaigns between 1964 and 1992.
Somon Oil targets large four-way closure prospects in the North-West
license area at a depth of 3.5-4.5 km. The under-thrust four-way closure
prospects in the north part are in the same geological setting as the giant
Minbulag field, which is located across the border in Uzbekistan. The
Minbulag field is the largest oil field within the Fergana basin. The
stratigraphy, lithology, reservoirs and seal of the North-West area are
identical to other parts of Fergana basin. Oil shows in uranium exploration
wells (1950s), which penetrate reservoir beds in the upper thrust sheet and
proves oil generation and migration in the area.
The 7-year work program contains 400 km of 2-D seismic, 100 km squared of
3-D seismic and 2 deep wells.
Financing for the exploration up to discovery is secured by the existing
option farmout to Santos.
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
about the Company's expectations that Somon Oil find four-way closure
structures in under-thrust positions in the same tectonic area as the
Minbulag field north-eastward, and that the exploration program will be
financed in its entirety through the existing option farmout to Santos
International. These statements are only predictions and involve known and
unknown risks, uncertainties and other factors, including the risks inherent
in our industry, the poor capital markets and other risks identified by us in
our periodic filings on EDGAR (which can be viewed at www.sec.gov). Any of
these risks could cause our or our 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 our current judgment
regarding the direction of its 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, we do not intend to update any of the
forward-looking statements to conform these statements to actual results.
Web: http://www.manaspete.com
Contact:
Tatjana Rosenast
Phone: +41-44-718-1030
Fax: +41-44-718-1039
Email: info@manaspete.com
SOURCE Manas Petroleum Corporation
