Manas Petroleum Corp. is an international oil exploration and development company. Founded in 2004, they have their corporate headquarters in Baar, Switzerland. The company spent its first two years acquiring and developing their Kyrgyz Republic, Tajikistan, and Albanian projects. Trading on the OTCBB, the company’s focus is on exploring and developing projects in Southeastern Europe, Central Asia, and South America. Their portfolio currently consists of over five million acres in five countries.
Manas Petroleum has one project in the Kyrgyz Republic of Central Asia. Here, Manas has acquired and farmed-out to Santos International Holdings Pty Ltd. 70 percent of their interest in six licenses, covering 3,152 square kilometers. This 70 percent farm-out is on condition of Santos funding and conducting a $54 million seismic, exploration, and appraisal-drilling program.
Manas also acquired an exploration license in Tajikistan that is adjacent to Manas Tuzluk Prospect within the Kyrgyz Republic license area. This Tajik license has oil production, oil seeps, and several large seismically defined prospects. Manas has identified more than 30 leads and prospects on both their Kyrgyz and Tajik licenses. Manas completed a phase 1 geological program in Mongolia, which defined structural trends with potential petroleum accumulations.
In addition, Manas Petroleum has completed two production-sharing contracts in Eastern Europe. This is for four blocks covering roughly 3,000 square kilometers in Albania. This area is approximately 80 kilometers north of the Patos Marinzas, Europe’s largest onshore oil field. Manas Petroleum also has a 50 percent interest in a consortium with Improved Petroleum Technology, a Texas based independent firm. This is in the 6,600 square kilometer Tranquilo block in the Magallanes Basin, Southern Chile. The block contains a producing gas field (operated by state owned ENAP). This is Manas Petroleum’s natural gas exploration project, which they and their partner have farmed out to a consortium of local operators.
In June, Manas Petroleum reported that the drilling of an exploration well at the North Ayzar -1 (Tuzluk license) prospect by the Kyrgyz joint venture, SPC (South Petroleum Company), began. In July, Manas announced that DWM Petroleum AG signed an extended farmout term sheet covering Blocks A, B, D, E, 2 and 3 in Albania. This was to a finance group of international oil and gas investors.
This month, Manas Petroleum reported that their 90 percent owned subsidiary, Somon Oil, received granting of the Tajik “North-West” petroleum license. This license covers 2,492 kilometers squared of exploration area. The license entitles for seven years of exploration. Somon Oil has an exclusive right on the discovered field if there’s a discovery.
Manas also announced this month that the drilling of the second exploration well at the Hidey Nazar SPC-1 (Soh license) prospect by the Kyrgyz joint venture, SPC (South Petroleum Company), is underway. Huday Nazar SPC-1 is to test tertiary-aged (Palaeogene) clastics and carbonate reservoirs. Testing and completion of the wells will follow the drilling, should drilling be sufficiently encouraging for the company.