Manas Petroleum Corp. is an international oil exploration and development company. The company’s principal strategy is to acquire and farm-out key land positions in major oil basins which have large seismically defined prospects near significant oil or gas production. Manas’ portfolio of properties now totals more than 5 million acres in 5 countries.
The company announced today that DWM Petroleum, its 100%-owned subsidiary, has completed its year-1 program on blocks 13 and 14 in Mongolia ahead of schedule. The work was originally expected to be completed on April 21, 2010. Manas Petroleum owns a 74% interest in blocks 13 and 14, which cover an aggregate of almost five million acres of land located on Mongolia’s southern border.
The technical work was performed by Manas Gobi and entailed the collection and processing of:
• Geological data from previous exploration campaigns
• Geological mapping
• Geological structural sections
• Paleontolic stratigraphical work and gravimetry
The resulting technical data were merged into a data base which was then queried to identify geologically interesting structures. The results produced definitive and interesting anomalies that the company plans to further analyze through acquired seismic studies.
The Mongolian government is satisfied with the technical performed so far and has released, as of December 1, 2009, DWM’s $2 million dollar bank guarantee. A portion of this money will be used for ongoing operational purposes with the remainder to be used to repay a debt obligation linked to the original bank guarantee.