Manas Completed Tajik Seismic Program

Source: www.gulfoilandgas.com 6/7/2010, Location: Asia

Manas Petroleum Corp. is pleased to report that its 90% owned subsidiary CJSC Somon Oil ("Somon") has completed the acquisition of a 363 KM 2D seismic program in Tajikistan, on budget and on schedule.

This seismic is to further define and analyze the extension of the Tuzluk structural trend (prospects delineated in the Kyrgyz Tuzluk license) and mature a number of Tajik prospects to drill-ready status on this trend in the Manas Western license area in Tajikistan. Somon originally has identified 7 large under-thrust prospects that are located close to existing oil fields and which were originally identified by soviet seismic and by a previous 123 KM 2D seismic acquired by Somon during December 2007 and June 2008. Manas believes that the potential size of the Tajik resources could significantly exceed that of the Manas Kyrgyz license area.

First analysis of the data confirms the existing prospects (two prospects are now considered mature for drilling) and reconnaissance data has revealed several large undrilled structures in the recently acquired Northwest license. The new seismic data is currently being processed (~50% complete to date), interpreted and integrated with the pre-existing seismic and correlated to historical drilling data. A final interpretation is expected during August 2010 and prospects will be considered for the 2011 deep well drilling program.

As previously announced, in December 2007 Manas entered into an option farm out agreement with Santos International Ventures Pty Ltd for the Tajik licenses. Should Santos exercise their option to farm-in , they will fund up to US $ 74 million in a phased seismic, exploration and appraisal drilling program, in return for 70% equity in the project, with Manas retaining a 20% carried interest. Santos may withdraw from the program after drilling four exploration wells (end of Phase 2 and up to US $ 51 million expenditure).


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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