Manas Petroleum reported that it has started drilling its second exploratory well in Kyrgyzstan, a country located in central Asia. The well, called the Huday Nazar SPC-1, is set to be drilled to a depth of 2400 meters and take from 30-40 days to complete.
The company has six exploration licenses in Kyrgyzstan covering 3,152 square miles. Manas Petroleum has an agreement with Santos International Holdings Pty Ltd to jointly develop its acreage contained in these licenses. Manas Petroleum is targeting the Fergana Basin, which is located between two existing producing fields nearby.
Oil was first discovered in the Fergana basin in 1901, and the company believes that despite its age, the field can still be explored and developed efficiently on a cost effective basis. Manas Petroleum drilled its first well in Kyrgyzstan in June 2009. The North Ayzar- 1 was drilled to 1950 meters. The company has not released any information on the results of this well. The U.S. Department of Energy estimates that the field contains 3 billion barrels of undiscovered oil.
Manas Petroleum is an international oil and gas company founded in 2004, with operations in Tajikistan, Kyrgyzstan, Chile, Mongolia and Albania. The company is headquartered in Switzerland.