Manas Petroleum Corp. yesterday announced that its 90 percent-owned subsidiary CJSC Somon Oil (Somon) has completed its acquisition of a 363 KM 2D seismic program in Tajikistan within the lines of its anticipated schedule and budget.
This seismic program was designed to define and analyze the extension of the Tuzluk structural trend and to prepare several of the Tajik prospects for drill-ready status.
The company noted it has previously identified seven large under-thrust prospects near existing oil fields and Manas said it believes that the potential size of the Tajik resources could significantly surpass the Manas Kyrgyz license area.
Manas said the first analysis of the data confirms the existing prospects, and that two prospects are now considered mature for drilling. Additionally, reconnaissance data shows several large undrilled structures in the company’s recently acquired Northwest license.
The company is processing the new seismic data is currently being processed and expects a final interpretation during August 2010.
In December 2007 Manas signed an agreement with Santos International Ventures Pty Ltd for the Tajik licenses. If Santos decides to exercise its option to farm-in, the company will fund up to $74 million for a phased seismic, exploration and appraisal drilling program, in return for 70 percent equity in the project, in which case Manas will retain a 20 percent carried interest. Santos has the option to withdraw from the program after drilling four exploration wells.
For more information on the company, visit www.manaspete.com