Manas Petroleum announces Petromanas Energy Inc. completes seismic programs in Block D?E Onshore Albania
The 105 km of 2D seismic acquired on Blocks D and E fulfills the work commitments for the first exploration phase on those blocks. The interpretation of this new data and correlation with existing data should improve the quality of the existing prospect inventory and allow the Petromanas geoscience team to reduce the exploration risk and high grade its exploration prospects.
Petromanas continues as planned with its seismic operations on Blocks 2 and 3, which it anticipates will be completed by early 2011. All operating licences and permits have been received, surveying and drilling operations for seismic shots are underway. This program includes 140 km of 2D seismic survey and will provide valuable data near the Spiragu discovery which was drilled in 2001. The majority of the seismic work will be carried out with heliportable rigs and the remainder through conventional shallow drilling rigs.
In conjunction with the seismic work, Petromanas has announced that it is re?evaluating the unrisked resource assessment which was prepared on December 15, 2009 by Gustavson Associates LLC based on the seismic, geology and limited well data that was available at the time. In the normal course of the current geophysical and geological ("G&G") work, Petromanas intends to evaluate the risked resource potential which, as a result of incorporating risk assessments and new data, it expects will be lower than the un?risked resource potential numbers presented in the 2009 Gustavson report.
Petromanas plans to conduct the G&G analysis through year end as the new seismic data becomes available. It anticipates that an updated independent resource evaluation report will be prepared early in 2011. It also intends to update resource estimates as it acquires new data from seismic programs and drilling operations.
Petromanas has also announced that the geological work conducted to date has further confirmed the significant potential of the Petromanas acreage and the exploration prospectivity of both the shallow and deep prospects. Once Petromanas has the necessary data, it has announced that it anticipates that some of the deep target plays will be farmed out to industry partners. Petromanas remains on schedule for the planned completion of the seismic program leading to a drilling campaign in 2011.
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 Petromanas' anticipation that the seismic program on Blocks 2 and 3 will be completed by early 2011, its intent to re?evaluate the risked resource potential expressed in the 2009 Gustavson report, its plans to conduct geophysical and geological work through the end of 2010 and to update its independent resource evaluation report early in 2011 and to update resource estimates as it acquires new data and its expectation that it may farm out some of the deep target plays to industry partners. 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 and that of Petromanas, 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 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.
About MNP 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 Kyrgyzstan, 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 Kyrgyzstan 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.