Huday Nazar Drilling half way
An intermediate hole (12 1/4") has now been completed to a depth of 1228m as of August 21st, 2009. Drilling objectives are to test tertiary-aged (Palaeogene) clastics and carbonate reservoirs between 1680m and 1835m below ground level. Projected total depth of this well is 2400m below ground level. Pending successful drilling results, testing and completion of the well would be made following the completion of the Company's drilling program. The P50 mapped closure for the Huday Nazar Prospect is 6 square km. The Prospect was generated as a result of the processing of seismic shot in a recent 2D seismic program by SPC.
Analogue fields for the Huday Nazar are the North Rishtan (1 MMBO) and North Soh (13MMBO, 130 BCF). The Huday Nazar replaces the previously planned drilling of the smaller and shallower East Chongora Prospect which is also in the Soh License area. Acquisition of a total of 800 km of 2D seismic within the SPC licenses was completed as of late May 2009 and seismic processing is ongoing. Preparations by the joint venture partners are underway for a 2010 deep drilling program which is expected to commence in early 2010.
Manas Petroleum is an international oil and gas company, focusing on activities in South-Eastern Europe, Central Asia and South America. In Albania, Manas has developed a large exploration project with a total resource potential (P50) of 3 billion barrels (Gustavson 2008). Four blocks are now drill-ready. The council of ministers recently ratified the production-sharing contracts on two blocks to DWM Petroleum, a subsidiary of Manas. A 51-101 compliant estimate is now being prepared. In Kyrgyzstan, Manas has signed a $ 54 million USD farm-out agreement with Santos LTD ADR, covering it 1.2 billion barrels in place (Scott Pickford, 2005). Drilling is currently underway. Manas' development of its license in Tajikistan is now covered by an option farm-in agreement with Santos LTD ADR, where a seismic program has been recently completed. In Chile, Manas and its U.S. partner, IPR, farmed out a large natural gas exploration project to a consortium of local operators. In Mongolia, the Company recently completed a phase 1 geological program, defining structural trends with potential petroleum accumulations. A seismic program is currently underway. Details of these projects are located on the Company's website: www.manaspete.com .
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about the company's expectations that it expects the 2010 deep drilling program to commence early in 2010. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks inherent in our industry, the poor capital markets and other risks identified by us in our periodic filings on EDGAR (which can be viewed at www.sec.gov). Any of these risks could cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect our current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. Except as required by applicable law, including the securities laws of the United States and Canada, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Contact:
Bahnhofstr. 9, P.O. Box 155
CH-6341 Baar
Switzerland
Phone: +41 44 718 1030
Fax: +41 44 718 1039
Email: info@manaspete.com
Web: www.manaspete.com
Update on Huday Nazar SPC 1 wellsite
Drilling underway
Baar, Switzerland, August 12, 2009.
Manas Petroleum is pleased to report that the drilling of the second exploration well at the Huday Nazar SPC-1 (Soh license) prospect by the Kyrgyz joint venture, SPC (South Petroleum Company) is underway. Huday Nazar SPC-1 is to test tertiary-aged (Palaeogene) clastics and carbonate reservoirs between 1680 and 1835m below ground level. Projected total depth of this well is 2400m below ground level and it is expected to take 30 to 40 days to drill. Should drilling be sufficiently encouraging, testing and completion of the wells would be made following the drilling.
The offset analogue field to the Huday Nazar SPC-1 prospect is the North Soh oil and gas field (13 MMBO & 140 BCF) which is approximately 20 km to the West. The P50 mapped closure on the Huday Nazar SPC-1 prospect is 5.0 square km while the net thickness of the targeted reservoirs (using the productive limestone and sandstone strata from analogue fields) is estimated to be 20 meters with 14% porosity in the P50 scenario.
The Huday Nazar SPC-1 prospect was generated as a result of the processing of seismic shot in a recent 2D seismic program by SPC. Analogue fields for the Huday Nazar SPC-1 propsect are the North Rishtan (1 MMBO) and North Soh (13 MMBO, 140 BCF). The Huday Nazar SPC-1 operation replaces the previously planned drilling of the smaller and shallower East Chongora prospect which is also in the Soh License area.
Acquisition of a total of 800 km of 2d seismic within the SPC licenses was completed as of late May 2009 and seismic processing is on-going. Preparations are underway for the 2010 deep drilling program which is expected to commence early 2010.
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about the company's expectations that the Huday Nazar-1well should take from 30 to 40 days and that it expects the 2010 deep drilling program to commence early in 2010. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks inherent in our industry, the poor capital markets and other risks identified by us in our periodic filings on EDGAR (which can be viewed at www.sec.gov). Any of these risks could cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect our current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. Except as required by applicable law, including the securities laws of the United States and Canada, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Rig moved to 2nd well
The well encountered minor hydrocarbon shows, with potential thin intervals of flushed oil pay in the objective sandstones, however, for several technical reasons it was not possible to log beyond 1595 mRT.
In the absence of the Bed III sandstones (pinched out over crest of structure) and the interpreted lack of commercial potential reservoir thickness in the Bed IV and V intervals (based on mudlog and GR interpretation), a decision was made to plug and abandon the well (sub-commercial oil).
However, we believe that the well is a technical success as it provide some important insights into the prospectivity of the Tajik acreage. The rig is currently being P & A'd prior to moving to the Huday Nazar location (estimated spud timing 2nd week August).
SPC is currently working on a post well audit which will be released early next week.
Drilling update on north ayzar number 1 well
Drill and survey 8-1/2" intermediate hole from 1559 m to current depth of 1734 m