BAAR, Switzerland, Aug. 23, 2012 /CNW/ – Manas Petroleum (“Manas”) (TSX-V: MNP; OTCBB: MNAP) is pleased to announce that on August 23, 2012 its subsidiary Gobi Energy Partners LLC ., spud its first well in Mongolia.
Gobi Energy plans to drill this first well Ger Chuluu A1 to a depth of 1200 meters and into Jurassic/Paleozoic formation. Target horizons in Ger Chuluu A1 are Lower Zuunbayan and Tsagaantsav formations; both are Lower Cretaceous.
Gobi Energy anticipates that Ger Chuluu A1 should cost approximately USD 1.8 million, with the well reaching target depth and being logged mid-September 2012. In the event of a discovery, Gobi Energy plans to test the well with a workover rig and move the drilling rig to the site of the second exploration well, approximately 170 kilometers northeast of Ger Chuluu A1.
“Ger Chuluu A1 represents the next step in the evaluation of our Mongolian assets and a major step in the company development,” said Werner Ladwein President of Manas Petroleum .
The 2012 seismic survey (a total of 335 kilometers) will be finished by 25 August, 2012. The program consisted of detailed prospect seismic and regional seismic. The detailed prospect seismic forms the base for the 2012 and 2013 drilling locations.
About Manas Petroleum Corp.
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 , a subsidiary of one of Australia’s largest oil and gas companies. In addition to the development of its Kyrgyz Republic project, Manas participates in an oil and gas exploration project in neighboring Tajikistan through its subsidiary Somon Oil; Santos has exercised its option to farm in. In Mongolia, Manas owns 74% working interest in two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary Gobi Energy Partners GmbH .
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