- Pressemitteilung BoxID 463675
Operational and Financial Highlights 3rd Quarter 2011
Highlights Q3 2011
- Started seismic acquisition in Mongolia covering all prospective areas
- Started seismic in Tajikistan with ratification of the PSA outstanding
- Preparation for drilling in Tajikistan in Q1 2012
- Albanian farm out started
- 110,000,000 common shares of Petromanas eligible for resale after September 30, 2011 Operations Review
A 2D seismic contract with Sinopec was signed on 12 July 2011, providing for a firm program consisting of 532 km full fold data and an optional program of up to an additional 1,106 km full fold data. The program consists of eight phases. Mobilization started immediately after signature and acquisition commenced on 25 August. The plan is to acquire the most important phases before the beginning of winter and to complete the program in 2012, subject to new information gained from the seismic survey. By the end of September we had acquired 557.95 km; by November 8 we had acquired 1,017 km. Our intent is to continue to acquire additional lines up to a total amount of around 1,260 km full fold, with acquisition of the remaining data needed to occur in 2012. Once we finalize the seismic acquisition we plan to issue a press release about the acquisition including the specifics of the program and provide an outlook on the work program planned for 2012. Geological field work regarding source rocks and reservoir rocks has been performed in September. Additional geological field work is planned for spring 2012.
Although ratification of the PSA (Production Sharing Agreement) is not complete, we have begun the acquisition of seismic data. After signing the seismic acquisition contract with Dank (Kazakhstan) on 29 June 2011, acquisition commenced on 6 August 2011. As of 21 October 263.37 km 2D seismic had been acquired. Currently preparation of the marine seismic on Kayrakkum Reservoir is ongoing. We plan to acquire a total of 770 km of 2D seismic in 2011. Prospect evaluation continued and well planning for the first two wells is progressing. The rig for the first location should be mobilized end of January depending on ratification of the PSA.
A review of the prospect portfolio has begun. As Kyrgyzstan is part of the overall Fergana strategy, the operation in Kyrgyzstan has to be aligned with the operation in Tajikistan.
Albania (31.7 % equity interest in Petromanas)
A resource report based on drill?ready prospects was issued in July 2011. The data room for a farmout was prepared and first information was provided to potential parties. Drilling planning for the three commitment wells in 2012 has started; spudding of the first well should be in Q1 2012. More details on www.petromanas.com.
The divestment of our project in Chile was completed.
The decrease in our total operating expenses is mainly attributable to lower stock?based compensation expenses in personnel costs and consulting fees, partially offset by higher exploration costs.
The decrease in fair value of Petromanas (TSX?V: PMI) of $49,090,911 is due to the share price decline from CAD 0.40 at the beginning of the year to CAD 0.125 at September 30, 2011.
Net loss for the nine month period ended September 30, 2011 was $54,858,940 as compared to net income of $65,530,401 for the same period in 2010, where we recorded the initial gain from sale of Manas Adriatic of $57,850,918 and a subsequent increase in fair value of $13,635,118.
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.
Information provided in this Press Release pertaining to the exploration projects in Kyrgyztan and Albania has been provided to Manas Petroleum Corporation by the operators of those projects, with which Manas Petroleum deals at arms length, and is included in this Press Release in an effort to share that information with the public. Although Manas Petroleum has no reason to doubt the accuracy of this information, it expressly disclaims responsibility therefor and makes no representation or warranty that it is complete or correct.
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 about Manas' plan to complete the most important of its eight phase program in Mongolia before the beginning of winter and to complete the program in 2012, its plan to issue a press release about the data and its plans for a 2012 work program in Mongolia including its plans to perform additional geological work in Mongolia for spring 2012, its plan to acquire a total of 770 km of 2D seismic in Tajikistan in 2011, its expectation that it can mobilize a rig for the first well location in Tajikistan by the end of January, and its expectation that the first well in Albania can be spudded in Q1 2012. 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.
Über Manas Petroleum Corporation
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South‐Eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its equity interest in Petromanas Energy Inc., a Canadian public company. In Kyrgyz Republic, Manas has signed a US$54 million farm‐out agreement with Santos International Holdings Pty Ltd., a subsidiary of Australia's third largest oil and gas company. In addition to the development of its Kyrgyz Republic project, Santos is developing the company's neighboring Tajikistan license under an option farm out agreement. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly‐owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others.
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