Santos International Holdings Pty Ltd Elects to Begin Phase 2 Work Period in Kyrgyz Republicadmin
Friday, August 22nd 2008
Manas Petroleum Corporation announces that its wholly owned subsidiary DWM Petroleum AG has entered into a Letter Agreement for the Phase 2 Work Period on August 19, 2008.
DWM Petroleum AG has agreed to permit Santos to commence the Phase 2 Work Program prior to the end of the Phase 1 Work Period.
If Santos does not withdraw within 60 days of the end of the Phase 1 Work Period (which is yet to occur), then Santos must drill a minimum of 2 exploration wells. In addition to its right to withdraw within 60 days of the end of the Phase 1 Work Period Santos has the right to elect to withdraw from the farm-in agreement by giving notice to that effect to DWM within 60 day period following the completion of the second exploration well.
Santos is in discussions with Caspian in relation to the refurbishment of a drilling rig currently in the Kyrgyz Republic. Up to 4 shallow exploration prospects have been identified for drilling by the Caspian rig, beginning in Q4 2008. In addition, up to 4 deep prospects are planned for drilling in 2009.
Description of the company:
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in south-eastern Europe, Central Asia and South America.
In Albania Manas has developed a giant exploration project with a total resource potential (P50) of 2.9 billion barrels (independent resource evaluation, Gustavson, 2008). In Kyrgyzstan Manas has signed a US $54 million farm-out agreement with Santos a large independent Australian oil and gas producer covering its 1.2 billion barrels in place, light oil play (independent resource evaluation Scott Pickford, 2006). The development of the company’s neighboring Tajikistan license is now covered by an option farm out agreement also with Santos. In Chile Manas and US partner IPR farmed out a large natural gas exploration project to a consortium of local operators.
Manas is currently maturing its enormous resource potential by acquiring seismic prior to drilling.
Manas Petroleum Corporation is currently listed on the NASDAQ OTC board (MNAP.OB).