DUSHANBE, August 11, 2009, Asia-Plus — Manas Petroleum Corporation announces that its 90% owned subsidiary, Somon Oil was granted the Tajik “North-West” petroleum license which covers 2,492 square kilometers of exploration area, press release issued by Manas Petroleum Corp on August 10 said.
The license entitles for 7 years of exploration. In case of discovery Somon Oil has an exclusive right on the discovered field.
The license area is located in the north part of the Sughd region, and is bordering with Uzbekistan and the Uzbek pipeline network. In the south-west the license area is adjacent with Somon Oils western license areas Navobod and Obchai-Kalacha. All producing fields of northern Tajikistan are located less than 20 kilometers south. Existing exploration data within the North-West license area contain 6 wells and 1100 km of 2-D seismic which was acquired during Soviet exploration campaigns between 1964 and 1992.
Somon Oil targets large four-way closure prospects in the North-West license area at a depth of 3,5-4,5 kilometers. The under thrust four way closure prospects in the North part are in the same geological setting as the giant Minbulag field which is located across the border in Uzbekistan. The Minbulag field is the largest oil field within Fergana basin. The stratigraphy, lithology, reservoirs and seal of the North-West area are identical to other parts of Ferghana basin. Oil shows in uranium exploration wells (1950s) which penetrate reservoir beds in the upper thrust sheet proves oil generation and migration in the area.
The 7 years work program contains 400 KM of 2-D seismic, 100 KM2 of 3-D seismic and 2 deep wells.
Financing for the exploration up to discovery is secured by the existing option farmout to Santos.
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in south-eastern Europe, Central Asia and South America.
In Albania Manas has developed a giant exploration project with a total resource potential (P50) of 2.9 billion barrels (independent resource evaluation, Gustavson, 2008). In Kyrgyzstan Manas has signed a US $56 million farm-out agreement with Santos a large independent Australian oil and gas producer covering its 1.2 billion barrels in place, light oil play (independent resource evaluation Scott Pickford, 2005). The development of the company”s neighboring Tajikistan license is now covered by an option farm out agreement also with Santos. In Chile Manas and US partner IPR farmed out a large natural gas exploration project to a consortium of local operators.
