Manas Petroleum Corp. Company Update
BAAR, SWITZERLAND -- (Marketwired) -- 11/06/13 -- 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
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.
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
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:
Manas Petroleum Corp.
Bahnofstr. 9, P.O. Box 155
CH-6341 Baar, Switzerland
Phone: +41 44 718 1030
Fax: +41 44 718 1039
Dr. Georg Hochwimmer
Europe Investor Relations
General Research GmbH
Phone: +49 89 2500 4330
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