MANAS PETROLEUM CORP. : http://www.manaspetroleum.com/ : Live Customized Report
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About Manas
Manas Petroleum is a Baar, Switzerland headquartered international oil exploration and development company. It was founded as a private company in 2004 and during its first two years spent approximately $7 million acquiring and advancing its Kyrgyz, Tajik and Albanian projects. Its portfolio now totals more than 5 million acres in 5 countries. Manas Petroleum's principal strategy is to acquire and farm-out key land positions in major oil basins which have large seismically defined prospects near significant oil or gas production. At the core of this strategy is that Manas farm-out partners pay all costs until commercial production allowing Manas to retain substantial carried interests.
The Company's objective is to maximize potential growth while significantly reducing financial costs and risk. A further goal is project diversity, as it should ensure the company's rapid transition to a more advanced stage of its planned evolution: the co-development of major hydrocarbon assets.
Manas Petroleum's first project is in the Kyrgyz Republic, Central Asia's only democracy and member of the World Trade Organization. In the Kyrgyz Republic, Manas has acquired and farmed-out to Santos International Holdings Pty Ltd., 70% of its interest in 6 licenses, covering 3,152 square kilometers. This 70% is being granted in consequence of it funding and conducting a $54 million seismic, exploration and appraisal drilling program.
Adjacent to Manas Tuzluk Prospect within the Kyrgyz Republic license area, Manas acquired an Exploration license in Tajikistan. The geology is an extension of the Manas Kyrgyz Northern license area principally the Tuzluk area. Manas has now identified more than 30 leads and prospects on both its Kyrgyz and Tajik licenses.
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.
Manas Petroleum has a 50% interest in a consortium with Improved Petroleum Technology a Texas based independent Company in the 6,600 square Kilometer (1.6 million acre) Tranquilo block in the Magallanes Basin, Southern Chile. The existence of a petroleum system is proven by the Tranquilo gas field and in the wells Esperanza 1, San Jose 1 and El Salto 1. The Tranquilo block's southern boundary begins approximately 30 Km North coast of Skyring Sound and it has 1,428 Km of 2D seismic and 33 wells.