Manas Petroleum Corp. Company Update
BAAR, SWITZERLAND--(Marketwired - Nov 6, 2013) - Manas
Petroleum Corp. ("Manas") (TSX-VENTURE: MNP); (OTCBB: MNAP) is
pleased to provide the following update.
DWM Petroleum AG ("DWM"), a wholly-owned subsidiary of Manas, is
in the process of acquiring existing oil producing assets whose
present output has the potential to be restored to earlier levels
(between 50 and 3500 bopd per well) and possibly increased beyond
that through the rehabilitation of these fields which are presently
producing 300 bopd from depths greater than 100m.
These fields are presently run-down due to the break-up of the
Soviet Union when the disappearance of ongoing investment coupled
with the lack of access to newer technology resulted in these
fields not being maintained. In addition to the assets'
rehabilitation potential for these fields, they have upside
potential for additional development, exploration and
appraisal.
Effective September 27, 2013, and subject to obtaining any
regulatory approvals or consents DWM has opted to acquire 65% of
the company that presently owns a majority interest in the Tajik
operating company which holds the oilfield assets for an amount
equivalent to USD 10.1 million dollars. This transaction is
scheduled to be closed prior to year-end 2013. In addition, DWM is
in actively in discussions with an investment group to provide the
funding to acquire the remaining shares in the Tajik operating
company as well as provide the necessary funding for the
rehabilitation program.
In parallel, DWM's technical field studies are continuing with
more than 300 wells being analyzed and an initial work program in
development. Presently there are approximately 100 wells are ready
for work-over operations.
Exploration project in
Tajikistan:
Presently, DWM is in active negotiations with several
experienced exploration and production groups from Russia, China
and the European Union in-order to farm out up to 70% of its
current 90% interest in CJSC Somon Oil ("Somon"), the operating
company of the 2 exploration blocks having the licenses for risked
resources of more than 400 million MMBO. Each of these prospective
partners has (either or both) petroleum exploration and production
experience. Additionally, there are extended discussions occurring
with the possibility of combining the exploration project with the
rehabilitation project discussed above.
The project has two drill ready prospects. Drilling is expected
to commence upon signing the agreements with the new Somon partner.
One target is located between two fields near producing wells. The
second target is a sub-salt prospect with analogues in producing
fields in Tajikistan and Uzbekistan. Both targets have a combined
potential of 180MM BO of risked resources out of the current total
potential of the prospect portfolio.
Over the past several months, all the original seismic taken
over the subsalt target has been reprocessed resulting in a
re-location of the subsurface target; this new location is far less
risky.
Mongolia
Current exploration phase of both licenses have been extended
until May 20, 2015, based on a one (1) year moratorium agreed to
with the Government of Mongolia. This moratorium was entered
between the Petroleum authority of Mongolia and Gobi Energy (the
operator of the Mongolian assets) to allow time to add certain
acreage which is between the two blocks.
Albania -
Petromanas DWM presently owns approximately 7.2% of the
common shares of Petromanas Energy Inc. (PMI) which has its
exploration focus in Albania and has farmed out 75% to Shell Oil.
In addition, we have the right to receive up to 38MM performance
shares in PMI, in the event of discovery of future reserves.
Work program details and current status are available on PMI`s
webpage and recent press release about test results of the first
well (www.petromanas.com).
Financing Manas
is presently actively engaged in discussions with certain investors
and potential partners for funding its future operations.
On August 8, 2013, DWM signed a Loan Agreement in an amount of
EURO 4,000,000 (USD 5,322,920), with Tulip Fund NV, an investment
fund incorporated under the laws of the Netherlands. This bridge
financing did not close and DWM is investigating other sources of
financing. In the interim the board decided to sell 50 MM PMI
shares in order to avoid jeopardizing the Tajik projects. We intend
to use the proceeds as working capital as well as minimum capex in
Tajikistan until partner agreements are signed.
About Manas Petroleum Corp.
Manas is an international oil and gas company with primary focus
on exploration and development in Central Asia and Mongolia.
Through its 7.2 % equity interest in Petromanas Energy Inc., a
Canadian public company, Manas participates in exploration projects
in Albania, France and Australia. In Tajikistan Manas owns 90%
working interest in a Production Sharing Agreement covering the
license areas Zapadnyi and Severo-Zapadnyi in the Soughd region
through its wholly-owned subsidiary DWM Petroleum AG. In Mongolia,
Manas owns 74% working interest in two Production Sharing Contracts
covering Blocks XIII and XIV through its wholly-owned subsidiary
DWM Petroleum AG.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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 the oil producing assets that DWM is acquiring have
the potential to be restored to earlier levels (between 50 and 3500
bopd per well) and possibly increased beyond that through the
rehabilitation of these fields, that these fields have the
rehabilitation potential and upside potential for additional
development, exploration and appraisal; the statement regarding the
scheduled closing date for the acquisition of 65% of the company
that presently owns the majority interest in the Tajik operating
company; the statement that drilling is expected to commence upon
signing the agreements with the new Somon partner(s); two drill
ready targets in Tajikistan have a combined potential of 180MM BO
of risked resources out of the current total potential of the
prospect portfolio; the belief that the new location for the
subsurface target in Tajikistan is far less risky; and the
statement regarding the planned use of the proceeds from the sale
of 50 MM PMI shares. 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. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, including the
risks presented by the market price and volume of trading in shares
of Petromanas Energy Inc., field conditions and the risks described
in Manas' periodic disclosure documents filed on SEDAR and EDGAR,
copies of which are also available on the company's website at
www.manaspetroleum.com. 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. 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.
For further information please contact: Peter-Mark Vogel
Corporate Secretary 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 Dr. Georg
Hochwimmer Europe Investor Relations General Research GmbH Phone:
+49 89 2500 4330 Email: hochwimmer@generalresearch.de
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