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Manas Petroleum in Production Sharing Deal
Tirana, Nov. 11, 2008 (AENews) – Manas Petroleum Corp, a Switzerland based company, announced on Monday that its wholly owned Albanian subsidiary, DWM Petroleum AG, has signed a Production Sharing Contract for Blocks 2 and 3 in Albania.
The blocks cover approximately 3,400 km2. Blocks 2 and 3 were explored by Occidental Petroleum and the Albanian National Petroleum Company “Albpetrol”. In December 2001 Occidental Petroleum’s Shpiragu-1 well (Block 2) was declared an oil discovery (TD= 5333 Meters; 17500 feet). Shpiragu-1 demonstrated the presence of Light 37-40 API gravity oil with 2.3% sulfur at average rate 400-1200 bpd oil and associated gas with minor CO2 and H2S with GOR between 2000-5000scf/bbl from the Eocene-Cretaceous carbonate subthrust sheet.
As the existence of oil is proven, DWM intends appraising the Shpiragu reservoir by drilling an appraisal well in Phase I. Manas secured drill rigs for possible drilling campaigns in Q2 2009 by signing a Letter Of Intent with Croatia’s Crosco and a Memorandum of Understanding with the Russian Company JSC “SPC” Nedra, respectively. Crosco drilled several deep wells in Albania, including Occidental Petroleums discovery well in Blocks 2 and 3. JSC “SPC” Nedra are deep drilling experts, recently completing an 8.2km gas producer in Siberia.
Blocks 2 and 3 require no further seismic acquisition, however, existing high resolution 2D seismic data suggests significant potential for additional structures which have been mapped by the Manas Albanian project team.
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 of 2.9 billion barrels .
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. 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).
