OilVoice - Manas Petroleum Signs Seismic Acquisition Contract for Albanian Project

Manas Petroleum Signs Seismic Acquisition Contract for Albanian Project

Tuesday, May 27, 2008

Manas Petroleum Corporation announces that its wholly owned subsidiary DWM Petroleum AG signed a contract for the acquisition of 400 kilometers 2D seismic with GII, which will augment the 679 kilometers of seismic data recently reprocessed by Denver based GeoConcept. This seismic program, which is using a combination of Vibroseis and dynamite sources, aims to refine the definition of 9 prospects identified in the Albanian fold thrust belt and is to commence in July 2008, prior to drilling in 2009.

The expected costs for the seismic acquisition are EUR 2.2 million (USD 3.5 million) for 2008 and EUR 3.4 million (USD 5.4 million) for 2009, thus, largely secured by a USD 6.2 million cash bank guarantee.

An independent report by Gustavson and Associates assigns 2.987 billion barrels with 3.014 trillion cubic feet of associated gas as the P50 prospective oil resources in its oil with associated gas case for Manas' Albanian project.