An exceptional high-impact exploration opportunity
Manas has acquired three production sharing agreements (PSCs) covering six blocks on the northern flank of Albania's oil rich fold and thrust belt. The agreements, which cover blocks A, B, D, E, 2 and 3 have been approved by the National Agency of Natural Resources (AKBN) and was ratified by the Energy Ministry.
Manas completed in February 2010 the transaction with respect of its Albanian project with Petromanas Energy Inc., a Canadian company listed on the TSX Venture Exchange, in exchange for cash and shares of Petromanas Energy Inc.
The blocks were previously operated by Shell Exploration and Production, and Coparex. The primary exploration targets are sub-thrust fractured carbonate reservoirs.
Manas has this opportunity because Shell and Coparex suspended all exploration activity and abandoned the PSC's in reaction to the extreme unrest in Albania and the conflict in neighboring Kosovo.
North and South Tirana Prospect
Manas' primary exploration targets are deep (4.0 kilometers), sub-thrust fractured carbonate reservoirs. 2D seismic imaging from the 1990s revealed a large carbonate sub-thrust, extending over blocks B, D and E with two culminations:
- South Tirana, a prospect at 4,600 m in Block E (analogous to the Cakran oil and gas field); and
- North Tirana prospect at 3,750, extending onto blocks B, D and E, including the Rinas prospect. Below 5,100 metres, the North and South Tirana prospects merge into a single 170 square kilometre structural closure.
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