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Market: OTCBB
Sector: Oil & Gas Exploration & Production
EPIC: MNAP
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Manas
www.manaspetroleum.com/s

Manas Petroleum Corporation is a development-stage company engaged in exploration and development of oil and gas resources. The Company focuses on exploring for oil and gas, primarily in Central Asia and the Balkans.

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Manas enters contract to acquire seismic for blocks 13 and 14 in Mongolia for $1m

8th Sep 2010, 4:24 pm
Manas enters contract to acquire seismic for blocks 13 and 14 in Mongolia for $1m

International oil and gas company Manas Petroleum (OTCBB: MNAP) has entered into a contract with Chinese data acquisition company DQE International, a subsidiary of CNPC Daqing Petroleum, to acquire 300 km of 2D seismic for the company's project on blocks 13 and 14 in Mongolia, for a price of $1.05 million.

Under the terms of the contract, Manas agreed to a turn-key rate of $3,500/km, with no stand-by fees, for an aggregate total of $1.05 million, payable according to a specific schedule.

The two blocks cover over 20,000 square kilometers, or almost five million acres, of land located on Mongolia's southern border.

Manas owns 84% of the rights to blocks 13 and 14, 10% of which is held in trust for a Mongolian oil and gas company. The remaining 16% interest is held by two investor groups.

The production contracts provide for a five-year exploration period, with two optional six-month extensions allowed, from April 21, 2009, and a twenty-year exploitation period, with two five-year extensions allowed.

CNPC Daqing has been in operation since the 1970s and has a total of 16 seismic crews, 76 drilling crews, 60 well logging crews and 10 cementing crews. The group has operated various projects in China, as well as internationally, in Venezuela, Sudan, Indonesia, Egypt, Iran and Mongolia.

Manas' primary focus is on exploration and development in South-Eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its equity interest in Petromanas Energy, a Canadian public company.

In Kyrgyzstan, Manas signed a US $54 million farm-out agreement with Santos International Holdings, a subsidiary of Australia's third largest oil and gas company. In addition to the development of its Kyrgyzstan project, Santos is developing the company's neighboring Tajikistan license under an option farm out agreement.

The company was up 2% today to $0.50 as of 11:25am ET on Wednesday.

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